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Yara executes share buy-back programs as an integrated part of its shareholder policy. This is based on our belief that share buy-backs will contribute to a better reflection of underlying values in Yara’s share price, an improvement in earnings per share and an improved capital structure. The company has bought back shares in most years.
Last updated May 20, 2005
Yara completed the first phase of its share buy-back program, based on the authorization the Board of Directors received during Yara’s General Meeting held on June 16, 2004.
This meeting authorized Yara’s board to buy back up to 5 percent of total shares (15,972,130 shares) by Dec. 15, 2005. A precondition for the Yara board ahead of launching the program was that an agreement was entered into with the Norwegian State where the State committed to sell a proportional share of its holdings to leave the State’s ownership (presently 36.21%) unchanged.
On Oct. 14, 2004, Yara and the Norwegian Government signed an agreement making it possible for Yara to execute the announced buy-back program without affecting the State's ownership in Yara. With such an agreement in place, Yara began buying back shares with the aim of cancelling the shares by way of a capital reduction.
As a part of this program, Yara purchased 3,001,400 own shares from the open market. In addition, Yara purchased 1,703,834 shares from the Norwegian Government as part of the agreement described above.
The shares bought back in the market were cancelled and the shares bought back from the Government were redeemed. The price paid for the shares previously owned by the Government was the same as the price paid for shares in the open market, with the addition of interest.
Yara after this phase had a total of 314,737,356 outstanding shares.
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