MERLIN Properties Annual Report 2022

| 65 Treasury shares As of 31 st December 2022, the Parent company has treasury shares amounting to €17,166 thousand. The changes in 2022 were as follows: • The shareholders at the Annual General Meeting held on 10 April 2019 revoked the unused portion of the authorisation granted by the shareholders at the General Meeting of April 2018 and authorised the acquisition of treasury shares by the Parent company itself or by Group companies pursuant to section 146 et seq. of the Ley de Sociedades de Capital, complying with the requirements and restrictions established in current law during the five- year period. • The disposals of treasury shares, amounting to € 15,261 thousand (average cost of € 11.20 per share), relate mainly to the second and last delivery of shares under the 2017-2019 Incentive Plan (see Note 15) in the amount of € 14,133 thousand and to the delivery of shares to employees as part of the flexible remuneration plan in the amount of € 864 thousand. • The Group has a liquidity agreement for securities listed on the Lisbon Stock Exchange (Euronext Lisbon), havingmade net sales of 9,740 shares in 2022, with a value of € 142 thousand. • As of 31 December 2022, the Parent company held treasury shares representing 0.327% of its share capital.