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 Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

UK Navy’s Ice Patrol Ship Gets a New Coating

U.K. Royal Navy Ice Patrol Ship HMS Protector is deployed on operations for 330 days a year, mostly in the Antarctic region, making it essential that her underwater

Crowley Takes Over Management of MSC Ships

Crowley strengthens relationship with U.S. Navy, completes turnover of Military Sealift Command T-AGOS/T-AGM fleet   Crowley Maritime Corp. announced its global

China Says Indian Ocean Not Backyard of India

The perception that Indian Ocean is India's "backyard" may result in clashes, Chinese military officials and experts have cautioned.    The Indian Ocean cannot

Finance

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

A/S Trumf Bunker Joins KPI Bridge Oil Group

KPI Bridge Oil, a global broker and trader in marine bunkers, marine lubricants and risk management products, has announced the take over of A/S Trumf Bunker. A/S

Union Vows More Channel Tunnel Disruption

Ferry workers will disrupt traffic through the sub-sea Channel tunnel between France and Britain for 48 hours from midday on Thursday, a union official said. "We

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Repair Ship Simulators Sonar Winch
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: 0.1532 sec (7 req/sec)