Oslo-Yara International ASA said that the board of directors at the annual meeting May 7 plans to cancel already bought-back shares and authorize a new share buy-back program. Yara has bought back 1.75 million shares as part of the existing share buy-back program. The country of Norway has committed itself to participate on a pro-rata basis so that Norway’s ownership remains constant at 36.21 percent. This will be implemented by the redemption of approximately 1.0 million shares owned by Norway. The price for the approximately 1.0 million shares will be equal to the average price paid for the 1.75 million shares bought back in the market with the addition of interest. After the cancellation/redemption of in total approximately 2.75 million shares, total issued shares in Yara will amount to approximately 288.8 million shares. The board proposes that a new program replace the existing buy-back program with up to 5 percent of Yara shares within the next 12 months. Shares may be purchased within a price range of NOK 10 to NOK 1,000.
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