Nutreco announces that (i) it has completed the share buy-back programme to cover future stock dividends and employee stock plans, and (ii) the share buy-back programme of € 100 million to optimise the efficiency of the balance sheet and enhance future earnings per share, as announced on 24 July 2014, will now begin.
Pursuant to the share buy-back programme announced on 12 June 2014 and the press release on 23 June 2014, up to and including 25 August 2014 Nutreco purchased 1,400,000 of its ordinary shares at an average price of € 31.25 per share, for a total consideration of € 43.4 million. Herewith the share buy-back programme to cover future stock dividends and employee stock plans is completed.
Nutreco currently holds approximately 2.0% of its ordinary shares. The issued share capital per today amounts 70,237,364 shares.
The share buy-back programme of € 100 million to optimise the efficiency of the balance sheet and enhance future earnings per share, as announced on 24 July 2014, will now begin. This programme will ultimately end on 31 January 2015, unless Nutreco shares for the overall maximum amount of € 100 million have been repurchased prior to that date. In that case the programme will end on the date on which this maximum is reached.
The € 100 million is between 4 to 5% of Nutreco's issued share capital. The shares to be repurchased under this share buy-back programme will be cancelled in due course, resulting in a reduction of Nutreco's outstanding share capital. The share buy-back programme 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 2014. 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% 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 programme. ABN AMRO makes its trading decisions with regard to the number of shares and the timing of the purchases independently of Nutreco.