Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
On 21 May 2013, FLSmidth announced a share buyback programme in accordance with the provisions of Commission Regulation No. 2273/2003 of 22 December 2003, also referred to as the “Safe Harbour” rules. In accordance with the rules, FLSmidth will publish the accumulated purchases under the share buy-back programme every 7th trading day.
In connection with the programme, FLSmidth will in the period from 21 May 2013 to 30 September 2013 repurchase shares for an amount of up to DKK 521 million. The maximum number of shares that may be bought is 3,000,000.
Under the programme, the following transactions have been executed since the last announcement:
| Date
|
Number of shares
|
Average purchase price (DKK per share) | Amount (DKK)
|
| Accumulated under the programme as of last announcement: | 441,000 | 287.65 | 126,855,791 |
| 11 June 2013 | 65,000 | 268.97 | 17,483,050 |
| 12 June 2013 | 85,000 | 266.65 | 22,665,250 |
| 13 June 2013 | 50,000 | 263.61 | 13,180,500 |
| 14 June 2013 | 94,000 | 271.64 | 25,534,160 |
| 17 June 2013 | 90,000 | 271.80 | 24,462,000 |
| 18 June 2013 | 100,000 | 269.02 | 26,902,000 |
| 19 June 2013 | 112,000 | 261.53 | 29,291,360 |
| Accumulated under the programme following the above purchases: | 1,037,000 | 276.16 | 286,374,111 |
Following the above purchases, FLSmidth holds 2,373,500 treasury shares corresponding to 4.45% of the share capital.
Purchases for an amount of DKK 235 million remain to be executed under the programme.
