Izertis, S.A. (BME Growth: IZER) suspended its liquidity contract with Renta 4 Banco, S.A. with effect from 17 August 2026, bought 69.821 of its own shares in blocks, and reactivated the contract the same day. The Asturian technology consultancy filed both notices with the CNMV as other relevant information under article 227 of Ley 6/2023, and the reactivation notice cross-references the suspension under registration number 42459.
The suspension notice states the reason plainly. The contract, signed with Renta 4 on 4 July 2025, was paused under rule four, paragraph d, and rule five, paragraph 2 d, of CNMV Circular 1/2017 of 26 April on liquidity contracts, in order to enable the block purchase. The shares are earmarked for corporate operations and, where applicable, for obligations arising from incentive plans that deliver company shares to executives and employees of Izertis and its group.
The same operation, ten days earlier
The August 17 sequence was not a one-off. On 7 August 2026 Izertis filed an identical pair of notices: suspension of the same Renta 4 contract, on the same two provisions of Circular 1/2017, to enable the block acquisition of 7.420 own shares, with the same stated destination, followed by reactivation the same day under registration number 42391 once the purchase had completed.
Both cycles run inside a single trading session. The company suspends, buys in blocks away from the contract, and restores the intermediary’s mandate before the market closes.
What the liquidity contract itself was doing
Izertis reports the intermediary’s activity quarterly under rule four, paragraph 2.b, of the same circular, following the announcement of the contract published on 7 July 2025. For the period from 1 April to 30 June 2026, the contract opened with 28389 shares and 278500,61 euros and closed with 39939 shares and 185784,34 euros. The intermediary bought 57823 shares for 498349,46 euros and sold 46273 shares for 405937,68 euros over the quarter, with 304,49 euros of trading costs. At the signature of the contract the balance had been 26791 shares and 281305,00 euros. There were no contributions to or withdrawals from the account during the quarter.
What the shares are for
The stated destination has a live context. On 29 June 2026 Izertis told the market it had acquired 51 percent of ANZEN Aerospace Engineering, S.L., an engineering company specialising in critical systems for the aerospace and defence sectors, with capabilities in certification, airworthiness and cybersecurity applied to onboard systems. Founded in 2019, ANZEN has offices in Madrid, Lucerne, Munich and Washington D.C. and more than 80 professionals, and Izertis said 85 percent of its activity comes from international projects, including work linked to Boeing, Airbus and the European Space Agency.
Izertis put ANZEN’s 2025 turnover at 5.26 million euros, its expected 2026 close near 10 million euros and its target at 30 million euros for 2030. The price, the notice says, consists solely of a fixed amount and will be paid entirely in cash.
Analysis: two pools of own shares, moving for different reasons
The disclosures describe two separate holdings of Izertis stock and it is worth keeping them apart. One sits inside the liquidity contract, where Renta 4 buys and sells continuously on the company’s behalf to support orderly trading: 57823 shares bought and 46273 sold in a single quarter, ending at 39939 shares. That pool is a market-making inventory, and its size moves with the intermediary’s own two-way activity rather than with any corporate decision.
Read together, the quarterly figures show the liquidity account rotating cash into shares. It began the quarter with 28389 shares and 278500,61 euros and ended it with 39939 shares and 185784,34 euros, having bought 57823 shares and sold 46273. The contract runs on a fixed pool of shares and cash placed with the intermediary at the outset, 26791 shares and 281305,00 euros at signature, and Izertis made no contributions and no withdrawals during the three months. Whatever the intermediary holds at any moment is therefore a function of two-way trading inside a closed account, which is why it does not, on its own, describe any corporate decision about the company’s own capital.
The other is the block purchases, 7.420 shares on 7 August and 69.821 shares on 17 August, bought by the company itself and destined, on its own statement, for corporate operations and share-delivery incentive plans. Circular 1/2017 is what forces the two apart. The issuer cannot be trading on its own account while an intermediary is running a liquidity mandate in the same stock, so the contract is suspended for the duration of the block and restored immediately afterwards. The suspension notices are therefore a signal of an issuer purchase, not of any change in the liquidity arrangement.
Two things follow that a reader can test. The first is the fit between the stated purpose and the transactions already on the record. The ANZEN acquisition is a fixed price paid entirely in cash, so it consumes none of these shares. No other corporate operation has been disclosed for which the shares would be used, and the incentive plan use is described as conditional.
The second is the cadence. Two suspend, buy and resume cycles in ten days, for 7.420 and 69.821 shares, record two separate block purchases rather than one. Izertis has not published a buyback programme with a size or an end date alongside these notices, and neither notice gives a price paid. The next quarterly liquidity report, covering the period in which both purchases fall, and the company’s own disclosure of its treasury position are the documents that would show the running total.
The filing route
Article 227 of Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversion requires issuers to communicate to the CNMV financial or corporate information about themselves or their securities that legal or regulatory provisions oblige them to make public in Spain, or that they consider necessary to disseminate to investors because of its special interest, and the CNMV publishes it on its website. Article 228 adds that multilateral trading facilities must have technical means guaranteeing public dissemination of inside information communicated by their issuers, and that those means may also be used for other financial or corporate information. Izertis trades on BME Growth, a multilateral trading facility, and files through that route.
