A total of 11.3 million Veidekke shares were traded over the stock exchange during the third quarter. Veidekke’s largest shareholders are OBOS (26.7 per cent), IF Skadeförsäkring AB (8.3 per cent) and Folketrygdfondet (7.6 per cent). Foreign investors hold 25.3 per cent of the shares.
Share buyback
The Board of Directors has resolved that the company’s management may repurchase up to 3 per cent of Veidekke’s shares in line with the authorisation granted by the company’s Annual General Meeting in May 2008. As of 30 September, Veidekke has repurchased 2,254,400 shares, or 1.7 per cent of all outstanding shares. The average purchase price is NOK 37.3, the total cost price paid amounts to NOK 84.1 million.
The Group’s strong financial position permits both investments and repurchase of shares. The share buyback programme helps to ensure an optimal capital structure for the Group, and the intention is to cancel the repurchased shares. Veidekke’s dividend policy will not be affected by the buyback programme, and dividends will continue to constitute at least 50 per cent of the earnings per share.
Read more about the share-buy back programme here.
