Cadeler A/S (OSE: CADLR, NYSE: CDLR), a key player in offshore wind installation and services, announced the early completion of its share buy-back program initiated on July 1, 2024. The program was originally set to end on July 12, 2024, but was terminated prematurely as the targeted number of shares was repurchased by July 4, 2024.
The company, headquartered in Copenhagen, Denmark, repurchased a total of 214,791 shares at an average price of NOK 68.28 each, amounting to NOK 14,665,701 or approximately EUR 1.29 million. This swift action was taken to fulfill the obligations to employees under Cadeler's share-based incentive programs, in compliance with EU Market Abuse Regulation and Safe Harbour Rules.
The transactions carried out during the program were conducted on the Oslo Stock Exchange (XOSL), with detailed information about each purchase provided in an appendix to the stock exchange announcement. Following the conclusion of the buy-back, Cadeler now holds these shares as treasury shares, which represent less than 0.01% of the company’s total share capital and voting rights.
Cadeler, recognized for its commitment to safety and environmental standards, operates the largest fleet of jack-up offshore wind installation vessels and is dedicated to facilitating the global shift to renewable energy. The firm's expertise and capacity to manage large-scale offshore wind installation projects have positioned it as an industry leader.
For further details, Cadeler's official communication channels can be referred to, and the information is based on a press release statement.
In other recent news, Cadeler A/S, an offshore wind installation and maintenance company, has experienced several noteworthy developments. The company recently announced a slight increase in its share capital, resulting from the exercise of options under their employee equity incentive program. Cadeler issued 27,715 new shares, each with a nominal value of DKK 1.00, marking an increase of less than 0.01% in the company's registered share capital.
In addition, Cadeler is contemplating a strategic re-domiciliation of its parent company to the UK, following its business combination with Eneti Inc. This move is aimed at aligning with the UK's corporate governance standards and tax environment, and potentially broadening its international investor base.
Moreover, Cadeler has initiated a share buy-back program valued at approximately EUR 1.45 million, aiming to fulfill obligations under its share-based incentive plans. The program is set to run until July 12, 2024, subject to the attainment of the maximum share quantity or repurchase amount.
Stifel, a financial services company, has maintained a Buy rating for Cadeler and increased its price target for the company, following a new contract secured by Cadeler with higher rates than previous agreements. The new contract, involving the installation of 72 turbines, is expected to significantly boost the company's revenue, leading to a positive outlook for Cadeler's earnings before interest, taxes, depreciation, and amortization (EBITDA).
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