Corbion announces details of share buyback program
Corbion will execute a share buyback program of € 25 million in 2017. The share buyback program will be executed as from today, 18 April 2017, and will run to 31 December 2017 at the latest. The share buyback will not exceed 10% of the currently outstanding share capital, up to a maximum of € 25 million.
The maximum number of shares to be repurchased on any given day will not exceed 25% of the average daily trading volume on the regulated market on which purchases are made, calculated over the last 20 trading days before the date of repurchase.
On 12 May 2016 the Annual General Shareholders' Meeting (AGM) granted the Corbion Board of Management the authority to repurchase shares up to a maximum of 10% of the issued share capital for a period of 18 months and a renewal will be requested at the AGM of 15 May 2017.
Corbion will update the markets on the progress of the share buyback program weekly on Monday. This information can be found on the Corbion website (http://www.corbion.com/investor-relations/shareholder-information/share-buyback-program).
The first progress report will be published on Monday 24 April 2017.
As part of its "Disciplined Value Creation" strategy, Corbion periodically reviews its debt position. The 2017 share buyback program is in line with this commitment.
Corbion: biobased solutions, designed by science, powered by nature, and delivered through dedication.
Corbion is the global market leader in lactic acid, lactic acid derivatives and lactides, and a leading company in emulsifiers, functional enzyme blends, minerals and vitamins. The company delivers high performance biobased products made from renewable resources and applied in global markets such as bakery, meat, pharmaceuticals and medical devices, home and personal care, packaging, automotive, coatings and adhesives. Its products have a differentiating functionality in all kinds of consumer products worldwide. In 2016, Corbion generated annual sales of € 911.3 million and had a workforce of 1,684 FTE. Corbion is listed on Euronext Amsterdam. For more information: www.corbion.com
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