Global animal nutrition and fish feed company, Nutreco, has announced that its share buy back programme for 700,000 shares, which are worth around €45m, is making good progress.
The company hopes the programme, which was launched on 8 February 2013, will cover future stock dividends and employee stock plans.
During the period from 25 February 2013 until and including 1 March 2013, Nutreco purchased 85,635 of its shares at an average price of €70.55 per share. To date, the total number of shares repurchased under this programme is 176,160 common shares for a total considering of €12.2m.
Within the limits set, the maximum price to be paid for the Nutreco shares will be 110% of the average closing price of the last five preceding trading days on the NYSE Euronext Amsterdam stock exchange.
Jurgen Pullens, director of investor relations, Nutreco, told World Fishing & Aquaculture: "This is a standard buy back programme which we do almost every year. We issue shares to avoid an increase our number of outstanding shares. We offer stock dividends to our shareholder and extend the shares programme for our employees.”
The programme is due to end on 28 March 2013, unless the maximum number of 700,000 shares has been purchased prior to that date.
Meanwhile, Nutreco is focusing on developing more nutritional solutions, including premix, feed specialiaties and fish feed. It says hopes to boost production and consumption of animal protein food products in Latin America, Russia, Asia and Africa by 2016.
