On Monday September, 12,2011, Green Plains Renewable Energy Inc. (NASDAQ:GPRE), a North American based ethanol production company, annunciated about its repurchase program aimed at repurchasing 3.5 million shares of its common stock from its largest shareholder, NTR plc, at a price of $8.00 per share.
NTR plc, a global based renewable energy group, extensively involved in the development of green energy and resource-sustaining businesses, holding approximately 11.2 million shares, or 30.8%,of Green Plains outstanding shares.
In connection to the respective transaction, Green Plains has formed a special committee, consisting of independent members of its Board of Directors, to be headed by Rothschild for supervising the transaction. And as per the terms and conditions of the transaction, Green Plains is required to pay 50% of the repurchase amount to NTR this week, and the rest amount should be cleared within 90 days.
Todd Becker, President and Chief Executive Officer of Green Plains, expressed his gratitude towards NTR, a long-term and valued investor in their company for the contribution they have rendered towards the growth of the company and wishes to maintain them as their single largest shareholder. He further acknowledged that the repurchase of their common stock at the said price possess the caliber of enhancing the value for their shareholders.
Neil Parkinson, Chief Financial Officer of NTR, expressed on behalf of the company, their preference for Green Plains as their strategic holding, stating that the prior sale of approximately one-third of their investment in Green Plains was done as a part of rebalancing their portfolio of renewable energy investments. Shares of GPRE jumped 25 cents of 2.57% to $9.39 on Monday with more than 221K shares traded hands.
The assembled information distributed by headlineotc.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Headlineotc.com does expect that investors will buy and sell securities based on information assembled and presented herein. Headlineotc.com will not be responsible in any way for or accept any liability for any losses arising from an investor’s reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.