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Fri 13 Mar 2009, 09:43 GMT

Vopak announces share repurchase


Terminal operator repurchases shares for long term incentive program.

Vopak has announced that it plans to repurchase up to 95.000 Vopak shares between now and 1st May 2008.

The company said the repurchase programme intends to cover future obligations as a result of the Long Term Incentive Plan for the Executive Board and senior management, if specific financial performance criteria are met. It is the next portion of a program that was introduced in 2008.

According to the authorisation as granted by the Annual General Meeting to the Executive Board, the maximum purchase price per share will not be higher than 110 percent of the average stock market quotation of the last five business days previous to the date of the purchase.

Vopak said the buy-back program is lead-managed by a credit institution which makes its trading decisions in relation to the issuer’s shares independently of Vopak with regard to the timing of the purchase.

Vopak is the world's largest independent tank terminal operator specialising in the storage and handling of liquid and gaseous chemical and oil products. It offers storage and transshipment solutions at 80 terminals in 32 countries.

In January, the group said operating profit for 2008, excluding exceptional items, amounted to approximately EUR 318 million (2007: EUR 272.9 million), which the company said was fully aligned with its earlier-communicated operating profit outlook for 2008 of at least EUR 310 million.
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