ForFarmers N.V., Europe’s largest feed producer, initiated a planned share buyback program on April 26.
The Dutch feed and farm company said the program was initiated in order to make its balance sheet more efficient, among other things. ForFarmers will repurchase its own shares for 18 months for an amount between EUR40 million and EUR60 million (US$43.6 million and US$65.5 million) and for the implementation of employee participation plans in 2017. In 2016, the company said, the employee participation plan involved 483,000 shares.
On the first trading day of each week, ForFarmers will publish a press release stating the progress of the share buyback program. It also will announce when the share buyback for the employee participation plans is complete.
In 2016, ForFarmers reported higher total feed volume but lower revenues, mainly due to decreasing raw material prices, which are passed on, and translation effect of lower pound sterling, partly compensated by acquisitions.
A year ago, ForFarmers was listed and began trading ordinary shares on Euronext Amsterdam under the symbol FFARM.