Germany

Germany

Senvion begins share buy-back

GERMANY: Turbine manufacturer Senvion has announced plans to buy back some of the shares it floated on the stock exchange in March.

Senvion will spend up to €75 million buying back shares
Senvion will spend up to €75 million buying back shares

Senvion's management board said it could purchase up to 6.5 million shares – equivalent to 10% of the issued share capital, the company said.

The buy-back programme will begin in Q3 and run for up to two years. Senvion said it would spend up to €75 million on the buy-back.

"On the basis of a solid liquidity, the company wants to take advantage of the currently favourable share price in order to buy-back shares via the stock market," Senvion said.

Senvion's shares were priced at €11.50 per share on the afternoon of Monday 15 August, down from a high of €16.28 in early April.

On 21 March, the manufacturer issued its shares in a private placement between €15.50 and €17.00 per share ahead of its first day of trading on 23 March.

Last week, the firm announced revenues of €505 million in Q2 – up 7% year-on-year. However, revenues in the first six month of 2016 fell 6% to €870 million.

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