Apr 15, 2009
As part of the existing share buy-back program Yara has bought back 1.75 million shares. The Norwegian State has committed itself to participate on a pro-rata basis, so that the State's ownership remains constant at 36.21%. This will be implemented by the redemption of approximately 1.0 million shares today owned by the Norwegian State. The price for the approximately 1.0 million shares will be equal to the average price paid for the 1.75 million shares bought back in the market with the addition of interest. After the cancellation/ redemption of in total approximately 2.75 million shares, total issued shares in Yara will amount to approximately 288.8 million shares.
Furthermore, the Board proposes that a new program replaces the existing buy-back program, authorizing the Board to acquire up to 5% of Yara's shares within the next 12 months. Shares may be purchased within a price range of NOK 10 to NOK 1,000. The shares may either be used for cancellation or as payment in business transactions. The company will enter into a new agreement with the Norwegian State to the effect that the State's shares will be redeemed on a pro-rata basis so that the State's ownership is unchanged in the event of a cancellation of the shares bought back.
The Nomination Committee proposes Bernt Reitan as a new Board member, replacing Jørgen Ole Haslestad who resigned from the Board on 1 October 2008 when he was appointed new President and CEO of Yara International ASA. Bernt Reitan is a member of Alcoa's Executive Council and has the management responsibility for Alcoa's Global Primary Products Group.
The complete notice of the Annual General Meeting will be distributed to Yara's registered shareholders and is also available on Yara's website
Torgeir Kvidal, Investor Relations
Telephone (+47) 24 15 72 95
Cellular (+47) 91 339 832
Bente Slaatten, Media Relations
Cellular (+47) 91 60 62 15
Yara International ASA is a leading chemical company that converts energy, natural minerals and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers and agronomic solutions, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara's global workforce of more than 8,000 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry.www.yara.com