Rotterdam-based listed VastNed Offices/Industrial said on Tuesday that its management board has decided to use part of its available credit facilities to buy back up to 2 million company shares, about 9.6% of the company's share capital.
Rotterdam-based listed VastNed Offices/Industrial said on Tuesday that its management board has decided to use part of its available credit facilities to buy back up to 2 million company shares, about 9.6% of the company's share capital.
The firm said that it is launching the buyback programme to book favourable returns on its shares which have lost about 41% of their value over the last month - and 78% since the end of 2007. The shares were trading at EUR 5.08 after the announcement, up 9.25% on opening levels.
The share buyback starts on 19 November and runs to 31 December 2008, or as soon as 2 million shares have been acquired, Vastned O/I said. The shares will not be acquired at a price that is higher than that of the latest independent transaction or the highest independent bid price on NYSE Euronext Amsterdam.
