Vestas to buy back up to USD 101m of stock under new programme

Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS) today initiated a programme to buy back up to DKK 705 million (USD 101m/EUR 95m) worth of stock.

The company expects to repurchase no more than 14,383,584 shares, corresponding to a 6.5% stake. The purpose of the programme is to adjust Vestas' capital structure and to meet obligations arising from share-based incentive programmes to employees, it explained.

The programme will run from February 8 to May 4, 2017. Nordea will serve as lead manager.

Yesterday, Vestas announced that it will sell two headquarters buildings to Solstra Capital Partners A/S and Sampension. The company will lease one of them back in full and just parts of the other. Vestas noted today that the proceeds of this sale and leaseback arrangement will be distributed to shareholders through the new share repurchase programme.

(DKK 10 = USD 1.432/EUR 1.345)

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