Hydro's Board Seeks Share Buyback

Wednesday, March 03, 2004
The Board of Norsk Hydro ASA will at the company's Annual General Meeting May 11, 2004, ask for authorization to buy back shares. Under this authorization, the Board may buy up to 2,808,810 of the company's own shares in the market, over the 18 months period commencing May 12, 2004. Each share may be purchased at prices ranging from NOK 200 to NOK 700 per share. The Board will at a subsequent General Meeting propose to cancel the purchased shares, with a corresponding write down of the share capital. Based on an agreement with the Norwegian State, Hydro's largest shareholder, the Board will also propose cancellation of a proportional part of the State's shares. The State's ownership share will therefore remain unaffected by the buyback. The compensation for the State's shares will be determined by the average price paid in the market for the rest of the shares, plus an interest based on NIBOR + 1 percent, calculated from the dates of acquisition of the corresponding shares. In total, up to 5 million shares may be cancelled, equivalent to around two percent of the outstanding shares. The decision to cancel shares must be made with a majority vote of 2/3 of the shares represented at the General Meeting. Hydro's Ordinary General Meeting in 2003 approved a similar authorization of share buyback. Under this authorization, Hydro has purchased 1 484 300 shares in the market. On 15 January 2004, Hydro's Extraordinary General meeting decided to cancel these shares, together with 1 157 922 shares belonging to the Norwegian State. The Board proposes that the remaining part of this authorization is retracted.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

DARPA All Set To Launch Submarine Hunting Drone

The Defense Advanced Research Projects Agency (DARPA) will launch in April a sleek, 132-foot warship from Portland, OR, testing its abilities over a succeeding period of 18 months.

All-Women Crew Indian Navy Ship Enters Chennai Port

The Indian Navy said on Saturday that its sailing vessel Mhadei, having an all-women crew of naval officers, has entered the Chennai Port.    The vessel which had left Visakhapatnam on February 9,

NATO Ships Arrive in Batumi

This morning, four NATO ships assigned to Standing NATO Mine Counter-Measures Group TWO (SNMCMG2) arrived in Batumi, Georgia for a scheduled visit in an effort

Finance

Brazil's CEEE to sell stakes in Wind Farms, Dams

Brazil's Companhia Estadual de Energia Elétrica (CEEE), a power utility controlled by the state of Rio Grande do Sul, will sell assets including stakes in wind farms,

DP World Bolsters Investment in India

DP World Pvt. Ltd, the world’s fourth biggest container port operator majority owned by the Dubai government, has plans to invest over $1 billion in India for augmenting its port-related operations.

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0837 sec (12 req/sec)