Nedap has successfully completed a share buy-back using a reverse Accelerated Bookbuild (rABB) process with certain institutional (qualified) investors offering a total of 247,915 shares, representing 3.7% of outstanding shares. The Final Purchase Price amounted to €44 per share. The settlement of the repurchased shares for cash is expected to occur 24 November 2017. Following the completion of the reverse Accelerated Bookbuild process, Nedap hereby announces the launch of a programme to buy back up to 86,731 shares on the regulated market of Euronext Amsterdam.
Following yesterday’s launch of the reverse Accelerated Bookbuild, Nedap hereby announces that it has successfully completed a share buy-back through a reverse Accelerated Bookbuild process with certain institutional (qualified) investors. The Final Purchase Price has been set at €44 per share and is well within the authorisation given by the shareholders on 6 April
2017. A total of 247,915 shares, representing 3.7% of outstanding shares and approximately 37 days of trading based on the 30-day average daily trading volume, has been repurchased. Settlement of the shares repurchased for cash is expected occur on 24 November (Trade date + 2). The repurchased shares will be used to cover Nedap’s obligations under its employee participation schemes.
Following the completion of the reverse Accelerated Bookbuild process, Nedap hereby announces the launch of a programme to buy back up to 86,731 shares on the regulated market of Euronext Amsterdam. Together with the shares repurchased in the reverse Accelerated Bookbuild, this represents a maximum of 5% of the company’s outstanding shares. Based on the closing price of Nedap shares on Euronext Amsterdam on 21 November 2017, this would be the equivalent of up to approximately €3.7m. The shares repurchased under the buy-back programme will be used to further cover Nedap’s obligations under its employee participation schemes.
The buy-back programme will commence on 22 November 2017 and is expected to be completed by 22 December 2017, or earlier when the maximum aggregate amount of shares has been repurchased. The share buy-back programme will be conducted in accordance with the Market Abuse Regulation (EU) 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 and within the safe harbour parameters for repurchase programmes. In line with these parameters, trades will only be made within the price range of the authorisation given by the shareholders, and, in addition thereto, at a price not exceeding the highest of (i) the price of the last independent trade and (ii) the highest current independent purchase bid on Euronext Amsterdam. In addition, the total volume on any trading day will not exceed 25% of the average daily volume of the shares on Euronext Amsterdam. During the buy-back period, NIBC Bank N.V. will cease its activities as liquidity provider for Nedap shares.
Nedap will publish weekly updates on the progress of the share buy-back programme, which will also be available on the company’s website under the heading “Financial Press Releases“.
NIBC Bank acted as Sole Lead Manager and Sole Bookrunner in the reverse Accelerated Bookbuild process and will act as independent buy-back agent for the share buy-back programme on Euronext Amsterdam. Any trading decisions in connection with the share buy-back programme, including the timing of any repurchase transaction, will be determined by NIBC Bank independently of Nedap.
** This press release contains inside information within the meaning of Article 7(1) of the Market Abuse Regulation **