Corbion Reports Progress in Share Buyback Program
12 Aug 2013 --- Corbion (the new trade name of CSM nv) reports that in the past trading week it has repurchased 295,487 of its ordinary shares totaling €5,325,620.61 at a volume weighted average price of €18.0232 per share. Included is a block trade of 22,300 ordinary shares at a price of €17.70 per share.
Since the start of the buyback program on July 29, 2013, in total 464,270 ordinary shares have now been repurchased at a volume weighted average price of €17.7890 per share, totaling € 8,258,905.30.
Above transactions were carried out under Corbion's share buyback program, which will be capped at €200 million. The share buyback program was announced on July 17, 2013 as part of Corbion's cash return to shareholders program of € 250 million and will run up to and including October 10, 2013.
The cash return program to further optimize the company's capital structure contains three elements: the special all-cash interim dividend payment on July 25, 2013 , the current open market share buyback, and a tender offer (reverse bookbuild) for the balance following the extraordinary general meeting of shareholders of October 11, 2013.
