Vestas announces US$450 million share buy-back programme
The Board of Directors of Vestas Wind Systems A/S has decided to initiate a share buy-back programme of up to DKK 2,984 million (US$448 million) to be executed during the period 18 August 2016 to 30 December 2016.
The share buy-back programme is initiated pursuant to the authorisation granted to the Board of Directors by the Annual General Meeting on 30 March 2016, which authorises Vestas to acquire treasury shares at a nominal value not exceeding 10 percent of the share capital at the time of the authorisation.
The purpose of the share buy-back programme is to adjust Vestas’ capital structure and to meet obligations arising from share based incentive programmes to employees of Vestas.
Vestas has appointed SEB as lead manager for the share buy-back programme. SEB will make its own trading decisions independently of and without influence or involvement from Vestas.
Under the share buy-back programme Vestas may repurchase shares up to a maximum amount of DKK 2,984 million, and no more than 20,148,033 shares, corresponding to 9.1 percent of the share capital of Vestas Wind Systems A/S.
Prior to the share buy-back, Vestas holds 2,006,439 treasury shares, equal to 0.9 percent of the share capital.
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