Following the completion of the divestment of the terminals in Algeciras, Amsterdam and Hamburg, Vopak has announced the start of a share buyback program to return €100 million to shareholders.
The independent tank storage company said the divestment programme, which was completed on January 31, was in line with its strategy.
Vopak said in a statement it will execute the share buyback program with the purpose to reduce its issued capital. The share buyback program will start February 13, 2020 and is expected to be completed this year.
It said the share buyback programme will be executed under the existing authority granted at the 2019 Annual General Meeting on April 17, 2019 and the authority (if granted) by the 2020 Annual General Meeting on April 21, 2020. Under these limits the share buyback program cannot exceed 10 per cent of Vopak’s issued capital.
The share buyback program will be executed by an independent intermediary, allowing the execution of open market transactions during open and closed periods.
Also in connection with the share buyback program, HAL Holding NV will proportionally sell part of its current shareholding in Vopak in order to maintain its interest at the current level.
Vopak will instruct an independent intermediary to match the open market trades under the share buyback program by purchasing on Vopak’s behalf shares from HAL Holding NV, at the same average price per share as the open market trades, in proportion to its current shareholding.
The size of the buyback programme of €100 million includes the shares to be bought from HAL Holding NV.
This programme is separate from any share transactions Vopak may execute to cover obligations under the long term incentive programs for employees, it said in the statement, and added: “Vopak will provide weekly updates on the progress of the share buyback program through press releases and transaction details on Vopak’s website for the duration of the program.”
For more information visit vopak.com