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

Navy

Sri Lanka Says No to Docking of Chinese Submarines

Sri Lanka declared that it will not allow Chinese submarines to dock in its waters as part of a new policy barring hosting of foreign submarines.   Sri Lanka's

China's Maritime Advances Worry US

The Director of U.S. National Intelligence, James Clapper, has expressed his concern at the progress of China in maritime zones it shares with its neighbors, accused

Somali Pirates Release Long-held Hostages

Somali pirates have freed four Thai nationals seized from a fishing vessel at sea in 2010, ending the longest-running hostage drama in the Horn of Africa state, the United Nations said on Friday.

Finance

Indian Ports to Set Sail on Corporatization

Indian Finance Minister Arun Jaitley said in Union Budget 2015 that government-run ports in India will be encouraged to corporatize and become companies under the Companies Act.

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1316 sec (8 req/sec)