Vestas launches EUR-400m share buyback programme

Denmark’s Vestas Wind Systems A/S (CPH:VWS) said Thursday it is launching a programme to repurchase up to DKK 2.98 billion (USD 441m/EUR 401m) of shares.

The wind turbine maker said this move is aimed at adjusting its capital structure and meeting the obligations arising from share-based incentive programmes to employees of Vestas.

Starting today, the wind major will seek to buy back up to 20,148,033 shares, corresponding to 9.1% of its share capital. The programme, to be managed by SEB, will run until December 30, 2016.

Vestas noted that the maximum number of stock that may be bought on each business day should not exceed 25% of the average daily trading volume of shares over 20 days on a regulated market, on which the purchase is made.

At Vestas' annual general meeting in 2017, it will be proposed to cancel the shares acquired, which are not used for hedging purposes of share based incentive programmes.

(DKK 1.0 = USD 0.148/EUR 0.134)

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