GLOBAL feed firm Nutreco announced Feb. 8 that it would purchase as many as 700,000 shares from its current stockholders to facilitate funding for future stock dividends and employee stock plans.
As of Feb. 22, Nutreco had acquired 90,525 common shares for a total consideration of euros 6.2 million.
The share buyback program will continue through March 28 or until the 700,000-share goal is completed. According to guidelines set at its 2012 annual shareholders meeting, Nutreco will purchase shares at a maximum of 110% of the average closing price of the last five preceding trading days on the NYSE Euronext Amsterdam stock exchange.
Nutreco purchased its first round of 44,000 shares through the buyback at an average of euros 67.10 per share and purchased another 46,525 shares at an average of euros 68.75 per share.
The company retained ING Corporate Finance to handle the buyback, with trading decisions made independently of Nutreco.