CSM announces to repurchase ordinary
shares up to a maximum value of € 100 million to further optimize its capital structure.
For the execution of its share repurchase program CSM has entered into an agreement with Rabobank.
The program will start on 17 September and end on 31 December 2007 at the latest. For the time being, the shares repurchased will be held as Treasury stock. CSM will report the progress of the share buyback program after the close of trading on 21 September 2007 and subsequently every week.
The number of shares that Rabobank will acquire on Euronext Amsterdam on a daily basis will in principle not exceed 25% (excluding block trades) of the average daily volume of CSM shares traded on
Euronext Amsterdam during the month of September 2007.
Koos Kramer, CFO of CSM: “The results for the first half of 2007 showed a net debt decrease by € 186 million to € 406 million, resulting in a net debt/EBITDA ratio – our main financing parameter – of 1.5,
amply below our target limit of 3.0. The strong balance sheet combined with the current stock market developments create an opportunity to engage in a share buy-back program.”

Reactie XEA.nl
Hiermee geeft CSM aan, wat wij al eerder schreven. Het aandeel is te goedkoop en daarom gaan zij eigen aandelen inkopen. o.a. Uit de opbrengst suiker divisie.