The Board of Directors of Vestas Wind Systems A/S has decided to initiate a share buy-back programme of up to DKK 1,120 million (approximately €150 million) to be executed during the period 5 November 2015 to 31 December 2015.
The share buy-back programme is initiated pursuant to the authorisation granted to the Board of Directors by the Annual General Meeting on 30 March 2015, which authorises Vestas to acquire treasury shares at a nominal value not exceeding 10 percent of the share capital. The consideration for such shares may not deviate by more than 10 percent from the closing price quoted by Nasdaq Copenhagen at the time of purchase.
The purpose of the share buy-back programme is to adjust Vestas’ capital structure and to meet the obligations arising from employee share option programmes or other allocations of shares to employees of Vestas.
At Vestas' annual general meeting in 2016, a resolution will be proposed that shares acquired, which are not used for hedging purposes of the ongoing incentives programmes, will be cancelled.
Vestas has appointed Nordea as lead manager for the share buy-back programme. Nordea will make its own trading decisions independently of and without influence or involvement from Vestas.