Greenyard announces start of share buyback
Sint-Katelijne-Waver, Belgium, March 14, 2017 - Greenyard (Euronext Brussels: GREEN) announces start of share buy back
Greenyard announces today the start of a share buyback program representing a repurchase of up to 1.750.000 shares. This represents a total value of € 28,6 million based on today’s closing price.
In December 2016, Greenyard embarked on a significant refinancing with, amongst others, a Convertible Bond, creating at least € 15 million annual interest cost savings. The company now announces a share buyback which can be used to mitigate the potential dilution from this Convertible Bond, to create a pool of own shares for financing potential future acquisitions and/or possible future long term incentive plans. The share buyback program is expected not to materially impact the company’s leverage.
The Board of Directors of Greenyard has granted a discretionary mandate to an intermediary who will execute this both on or outside the regulated market during open and closed periods. Block trades can be considered as well during open periods. The mandate is valid for 1 year.
As set out in Greenyard’s articles of association, the General Shareholders’ Meeting of 19 September 2014 has granted a power of attorney to the Board of Directors to approve share buybacks up to the legal maximum of 20%.
During the course of the program, Greenyard will provide regular updates to the market about its share repurchases and in line with the applicable regulations via press releases.
This share buyback programme can be ceased at any time.
- FY results June 6, 2017 (after market)
- Q1 trading update August 29, 2017 (after market)
- AGM September 15, 2017
- H1 results November 21, 2017 (after market)
For additional information, please contact Greenyard:
Marleen Vaesen, CEO
T +32 15 32 42 97
Carl Peeters, CFO
T +32 15 32 42 69