Yara initiates share buy-back
Oslo, 25 August 2020: Reference is made to Yara’s second-quarter 2020 report, where Yara stated it will initiate a buyback of 5% of share capital upon completion and receipt of the Qafco proceeds. Yara has now received the USD 1 billion Qafco proceeds and will consequently initiate a share buy-back program to buy back up to 8,551,880 of its shares outstanding in the open market. Including the proportional redemption of shares owned by the Norwegian state, the total buyback and redemption will amount to approximately 5.0% (13,406,611 shares) of shares outstanding.
Yara has issued an external bank mandate subject to “safe harbour" exemptions to execute the share purchases, which will be carried out in the period 1 September 2020 – 23 March 2021.
The buy-back is authorized by the Yara Annual General meeting held 7 May 2020, and the shares acquired pursuant to this authorization shall be subsequently cancelled.
Yara has an agreement with the Norwegian State according to which the State's shares will be redeemed on a pro-rata basis to ensure that the State's ownership is unchanged when shares are cancelled.
Thor Giæver, Investor Relations
Mobile: (+47) 480 75 356
Yara grows knowledge to responsibly feed the world and protect the planet, to fulfill our vision of a collaborative society, a world without hunger and a planet respected. To meet these commitments, we have taken the lead in developing digital farming tools for precision farming and work closely with partners throughout the whole food value chain to develop more climate-friendly crop nutrition solutions. In addition, we are committed to working towards sustainable mineral fertilizer production. We foster an open culture of diversity and inclusion that promotes the safety and integrity of our employees, contractors, business partners, and society at large. Founded in 1905 to solve the emerging famine in Europe, Yara has a worldwide presence with about 17,000 employees and operations in over 60 countries. In 2019, Yara reported revenues of USD 12.9 billion.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act