Press release
VINCI PARTNERS ANNOUNCES SHARE BUYBACK AND SHARE REPURCHASE PLANS
RIO DE JANEIRO, Feb. 14, 2023 /PRNewswire/ -- Vinci Partners Investments Ltd. (NASDAQ: VINP) ("Vinci Partners, the "Company," "we," "us," or "our"), the
About this update from Vinci Compass Investments Ltd.
[{"type":"text","content":"RIO DE JANEIRO, Feb. 14, 2023 /PRNewswire/ -- Vinci Partners Investments Ltd. (NASDAQ: VINP) (\"Vinci Partners, the \"Company,\" \"we,\" \"us,\" or \"our\"), the controlling company of a leading alternative investment platform in Brazil, announced today that its board of directors approved a share buyback plan and a share repurchase plan to buy back up to R$60.0 million of the Company's outstanding Class A common shares across both plans. These plans are approved to replace the share buyback and repurchase plans approved by our board of directors on June 15, 2022 (the \"Legacy Plans\"), which are set to expire on the date that the R$60.0 million buyback limit set thereunder is reached.\nThe new buyback and repurchase plans will commence on the expiration date of the Legacy Plans and will not have specified expiration dates (other than when the R$60.0 million buyback limit is reached). Vinci Partners expects to finance the purchases with existing cash balances derived from its Distributable Earnings, which is not expected to have a material impact on capital levels. In making the announcement, Vinci Partners Chief Executive Officer and Director Alessandro Horta stated, \"We are committed to delivering shareholder value, and these buyback plan authorizations reflect the board's confidence in our current prospects and long-term growth. We believe these plans represent an opportunity to deploy cash from our results in a way that will benefit our shareholders.\"\nUnder the share buyback plan, buybacks may be made from time-to-time in open market and negotiated purchases, once the plan becomes effective, in compliance with SEC Rule 10b-18. The specific prices, numbers of shares and timing of purchase transactions will be determined by the Company from time to time in its sole discretion. Under the share repurchase plan, repurchases will be carried out through a broker acting as an agent of the Company, from time-to-time in open market and negotiated purchases, and in compliance with SEC Rule 10b5-1(c)(1)(i)(B). In either case, buybacks are subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors. The plans do not obligate the Company or any agent to acquire any particular amount of Class A common shares, and may be suspended or discontinued at any time.\nThe Company had 40,456,206 C...