ForFarmers N.V.: ForFarmers decides to start share-buyback programmeSource: OMX
Lochem, 1 December 2021
ForFarmers decides to start share-buyback programme
ForFarmers announces to start a programme to repurchase its own shares (share-buyback programme, SBB) for a maximum amount of €50 million, amongst others to make the balance sheet more efficient (share capital reduction). This is in line with the release issued by the Company on 2 November last, in which it announced to disclose its plans on an alternative capital allocation, besides the then also announced intention to distribute a dividend per ordinary share over 2021, which is comparable to the dividend over 2020.
For the SBB programme, ForFarmers will use the authorisation given by the General Meeting of Shareholders on 23 April 2021 to repurchase at maximum 10% of its own shares and, if granted, the authorisation of the Annual General Meeting in 2022. Within the current authorisation 190,000 shares have already been repurchased for the implementation of employee participation plans in 2021. The total number of shares in the announced SBB programme is consequently at maximum 9,331,882.
It has been decided, after ample consideration, to initiate a regular SBB programme. This will be executed by an independent financial intermediary.
The SBB programme will start on 2 December 2021 and will end on 31 December 2023, or as soon as the SBB programme has been completed.
As of the start of the SBB programme, ForFarmers shall publish a press release stating the progress of the share buy-back programme’s execution on the first trading day of each week. This announcement can be found on www.forfarmersgroup.eu
This press release contains information that qualifies as inside information in the sense of Article 7 paragraph 1 of the EU Market Abuse Regulation.
Note to the editor / For additional information:
Caroline Vogelzang, Director Investor Relations
T: 0031 573 288 000 M: 0031 6 10 94 91 61
About ForFarmers N.V.
ForFarmers N.V. is an international organisation that provides complete innovative feed solutions to the livestock farming industry. With its ‘For the Future of Farming’ mission ForFarmers is committed to the continuity of farming and to further increasing the sustainability of the agricultural sector.
ForFarmers is the market leader in Europe with annual sales of around 10 million tonnes of animal feed. The company is active in the Netherlands, Belgium, Germany, Poland and the United Kingdom. ForFarmers has approximately 2,500 employees. In 2020 revenue amounted to approximately €2.4 billion. ForFarmers N.V. is listed on Euronext Amsterdam.
ForFarmers N.V. is listed on Euronext Amsterdam.
This press release contains forward-looking statements, including those relating to ForFarmers legal obligations in terms of capital and liquidity positions in certain specified scenarios. In addition, forward-looking statements, without limitation, may include such phrases as “intends to”, "expects“, “takes into account”, "is aimed at “, ''plans to”, "estimated" and words with a similar meaning. These statements pertain to or may affect matters in the future, such as ForFarmers future financial results, business plans and current strategies. Forward-looking statements are subject to a number of risks and uncertainties, which may mean that there could be material differences between actual results and performance and expected future results or performances that are implicitly or explicitly included in the forward-looking statements. Factors that may result in variations on the current expectations or may contribute to the same include but are not limited to: developments in legislation, technology, jurisprudence and regulations, share price fluctuations, legal procedures, investigations by regulatory bodies, the competitive landscape and general economic conditions. These and other factors, risks and uncertainties that may affect any forward-looking statements or the actual results of ForFarmers, are discussed in the last published annual report. The forward-looking statements in this press release are only statements as of the date of this document and ForFarmers accepts no obligation or responsibility with respect to any changes made to the forward-looking statements contained in this document, regardless of whether these pertain to new information, future events or otherwise, unless ForFarmers is legally obliged to do so.