May 11, 2023

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Vitru Limited, a leading distance learning company in Brazil, announced that its Board of Directors has approved a share buyback program. The program will allow the company to repurchase up to 500,000 of its common shares until May 15, 2024, or until the completion of the buybacks.

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The Share Buyback Program

The buybacks will be made in compliance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934. The company will finance the purchases using its own cash balances derived from retained and future earnings.

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Implications of the Share Buyback Program

At the closing share price of May 10, 2023, the buybacks would amount to R$37.5 million in total, which would be equivalent to 18.3% of the consolidated Adjusted Net Income of 2022. The share buyback program reflects the company's confidence in its long-term growth prospects and its commitment to increasing shareholder value.

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Details of the Share Buyback Program

The buybacks may be made from time-to-time in the open market, in privately negotiated transactions, in block trades, and/or through other legally permissible means, depending on market conditions. The specific prices, numbers of shares, and timing of buyback transactions will be determined by the company from time to time in its sole discretion. However, the buybacks are subject to market conditions, available liquidity, cash flow, applicable legal requirements, and other factors.

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Members of LevelFields received the alert of this event on May 11, 7:25 PM ET

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