Neste Oil to Start Purchases of Company Shares
OREANDA-NEWS. April 29, 2014. Neste Oil's Board of Directors has decided to exercise the buyback authorization issued by the Annual General Meeting to purchase company's own shares. Under the authorization, the Board is authorized to decide the purchase of and/or take as security a maximum of 2,000,000 company shares using the company's unrestricted equity.
The number of shares is equivalent to approximately 0.78% of the company's total shares.
Shares may be purchased in one or more lots. The purchase price shall be at least the lowest price paid for Neste Oil shares in regulated trading at the time of purchase and no more than the highest price paid for company shares in regulated trading at the time of purchase. Derivative, share lending, or other agreements that are normal within the framework of capital markets may take place in connection with the buyback of company shares, in accordance with legislative and regulatory requirements and at a price determined by the market. The authorization allows the Board to decide to purchase shares otherwise than in proportion to shareholders' current holdings (directed buyback).
Shares purchased in this way can be used as consideration in possible acquisitions or in other arrangements that are part of the company's business, to finance investments, as part of the company's incentive program, or be retained, conveyed, or cancelled by the company.