Vestas spend billions buying back shares

Vestas spend billions buying back shares

13-02-2018 10:30:00

The Board of Vestas Wind Systems A/S has decided to build a share repurchase program with the intention of repurchasing up to 1,500 million Danish kroner, which is approximately 200 million Euro. The repurchase will happen in the period between 12 February 2018 and 3 May 2018.

"The share repurchase program was established as the Board of Directors was given mandate during the Annual General Meeting on 6 April 2017, which allows Vestas to acquire their own shares, which amount to 10 percent of the company capital at the time of authorization, " Vestas has written in a statement.

The share repurchase program is established in order to adjust Vestas' capital structure and fulfill the obligations that come with share-based incentive programs for Vestas employees.

At Vestas general Meeting in 2019, a matter is going to be proposed, which entails that repurchased shares that are not used to cover share-based incentive programs will be annulled.

Vestas has announced SEB as the director of the share repurchase. SEB will independently and without influence from Vestas make decisions regarding the share repurchase.

As the share repurchase program develops, Vestas will spend a maximum of 1.5 billion buying back its own shares. A maximum of 9,705,766 shares can be purchased, which amounts to 4.5 percent of the shares in Vestas Wind Systems A / S.

Without counting the share repurchase program, Vestas owns 11,843,929 of their own shares, which is 5.5 percent of the share capital. Vestas may choose to shut down the share buyback program at any time, provided that Vestas makes a company announcement to Nasdaq Copenhagen.

Source: Vestas A/S / Maritime Denmark

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