In 2019, the General Meeting of Shareholders authorised the Executive Board to buy back shares up to a maximum of €30 million, in order to make the balance sheet more efficient and for the employee participation plans. For this programme, 2,734,250 shares were repurchased during 2019.
The AGM authorised the Executive Board in 2020 to complete the share buy-back programme and to repurchase shares for the employee participation plans for 2020. In the period from 2 January 2020 up to and including 3 August 2020, ForFarmers repurchased 2,497,599 (ordinary) shares for the buy-back programme and 197,266 shares for the employee participation plans for Directors and senior managers, and other employees. These 2,694,865 shares have been repurchased in 2020 for an average price of €5.80 per share, totalling to €15.6 million. The progress of the share buy-back programmes was announced by means of a weekly press release.
On 4 August, ForFarmers announced to have completed the share buy-back programme, and on 11 September 2020, the 11,042,219 shares, which had been repurchased in the 2017 and 2019 share buy-back programmes, were cancelled. After the cancellation of aforementioned shares the Company’s issued share capital equalled €952,188.22 consisting of 95,218,821 issued ordinary shares and one priority share, each with a nominal value of €0.01.