Dutch fish feed producer Nutreco initiated a share buy-back program to cover future stock dividends and employee stock plans, as well as a share buy-back program of EUR 100 million (USD 131.9 million) to optimize the efficiency of the balance sheet and enhance future earnings per share.
Nutreco purchased 1.4 million of its ordinary shares at an average price of EUR 31.25 (USD 41.22) per share, for a total consideration of EUR 43.4 million (USD 57.2 million).
Nutreco currently holds approximately 2 percent of its ordinary shares. The issued share capital amounts 70.2 million shares.
The EUR 100 million is between 4 to 5 percent of Nutreco's issued share capital. The shares to be repurchased under this share buy-back program will be cancelled in due course, resulting in a reduction of Nutreco's outstanding share capital.
The share buy-back program will be carried out in accordance with Nutreco's Articles of Association and within the mandate given by the Annual General Meeting of shareholders on 27 March. Within the limits set at that meeting, the price to be paid for the Nutreco shares will be between the nominal value of the shares and 110 percent of the average closing price of the last five preceding trading days on the NYSE Euronext Amsterdam stock exchange.
Nutreco has mandated ABN AMRO to undertake the share buy-back program. ABN AMRO makes its trading decisions with regard to the number of shares and the timing of the purchases independently of Nutreco.
August 26, 2014
