Azimut Holding, Medda: "Confidence in TNB, immediate start of buyback"

(Alliance News) - Azimut Holding Spa published a statement on Friday in which CEO Giorgio Medda noted that the routine inspection recently completed by the Bank of Italy on Azimut Capital Management is part of the normal supervisory process to which all major asset managers are regularly subjected and "we welcome it in a spirit of full transparency and constructive cooperation."

"The findings are fully manageable and consistent with the culture of continuous improvement that has always characterized our group," he added. "As we have reiterated several times, the inspection is not related to the TNB transaction. We have already begun working on and implementing a series of improvements aimed primarily at the governance and risk management of our subsidiary, which will further strengthen the solidity and scalability of our Italian platform."

"ACM's action plan will be presented by November 30 and completed by April 30, 2026, at the latest. This will allow the group to operate with greater clarity and visibility on the next regulatory steps related to the TNB project, for which we expect to receive authorization by the second quarter of 2026, within the limits of common sense in a process that is complex but well manageable by a global financial institution such as our group. Our strategic vision remains unchanged. TNB is a transformative project for Azimut that we will pursue with determination, as we see no alternative to what we have committed to achieving since the project was announced in March 2024," added Medda.

The CEO noted in the statement that, as part of the share buyback plan and the intention to propose their cancellation up to a maximum of EUR500 million, Azimut yesterday already repurchased 350,000 shares at an average price of EUR31.95. The intention is to continue in the coming days.

"Management will also begin to purchase shares on a personal basis, a clear sign of confidence in our strategy, the quality of our results, and the long-term potential of the group. We expect to generate significant value for the future, supported by solid fundamentals and the significant contribution of Elevate 2030," Medda concluded.

By Claudia Cavaliere, Alliance News reporter

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