November 7 (Renewables Now) - Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS) announced today that its board of directors has decided to launch a share repurchase programme of up to DKK 1.5 billion (USD 222.4m/EUR 200.8m).
The share buy-back programme starts today and will be executed through December 2019. Its purpose is to adjust Vestas’ capital structure and to meet obligations arising from share-based incentive programmes to company staff.
Vestas noted that as part of the programme it cannot purchase more than 18,633,606 shares, corresponding to 9.4% of its share capital. SEB has been appointed as lead manager.
Also today, Vestas posted a 70% year-on-year surge in third-quarter net profit to EUR 303 million (USD 336m), with revenue rising 30%.
(DKK 1.0 = USD 0.148/EUR 0.134)
(EUR 1.0 = USD 1.108)