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Belgium: Greenyard buys own shares

Greenyard has once again bought shares. Between June 26 and 30 a total of 53,254 of their own shares were bought. The Belgian company started a purchasing programme for their shares in March. The company will buy a maximum of 1.75 million shares, which equals 4% of outstanding shares. This target has almost been reached, around 3.7% has been bought back since the last purchase.

In the press report on the purchasing programme three possible goals were named. "The company now announces a buy-in program of their own shares that can be used to offset the potential dilution of this convertible bond, to create a position of their own shares to finance potential, future acquisitions and/or potential future long term option plans," according to the press release of March 14.

"The three reasons reported here are the main reasons for purchasing shares," Kris Kippers explains. "The convertible obligation, which dates from the refinancing of 500 million Euro in December 2016 that saves over 15 million Euro per year, provides potential for a dilution of 16% for the shareholders. If Greenyard decides to destroy the purchased shares, this could compensate a quarter of this potential dilution."

Buying back their own shares has a slightly negative effect on the 'free float'. If we look at the last two years we clearly see a strong rise in the free float due to the drop out of Green Valley (7.1%), Gimv (4.9%) and the drop out of the partnership 2D NV, which increased the free float by 1.1%. This means our free float is around 38% at the moment compared to around 27% at the time of the fusion."

More information:
Greenyard NV
Kris Kippers
Strijbroek 10
2860 Sint-Katelijne-Waver / Belgium
T +32 15 32 42 49
M +32 495 28 36 02

Publication date: 7/10/2017



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