March 18, 2020 / 7:24 AM / in 11 days

CORRECTED-BRIEF-Van De Velde Terminates Share Buyback Program

(Corrects to say the company terminates, not announces, its share buyback program)

March 18 (Reuters) - VAN DE VELDE NV:

* TERMINATES ITS PROGRAM FOR BUYING BACK OWN SHARES AND WILL PROPOSE TO THE GENERAL MEETING OF SHAREHOLDERS NOT TO PAY ANY DIVIDEND FOR THE TIME BEING

* PAYMENT OF INTERIM DIVIDEND AND THE RESTART OF THE BUY-BACK PROGRAM WILL BE REEVALUATED AS SOON AS THERE IS MORE CLARITY RELATING THE CONCRETE IMPACT OF CORONA ON OUR BUSINESS OPERATIONS

* ON CORONAVIRUS: BOARD OF DIRECTORS WISHES TO STRENGTHEN ITS CASH POSITION FOR THE TIME BEING AND HAS THEREFORE DECIDED TO TERMINATE THIS SHARE BUY-BACK PROGRAM

* UNDER THIS PROGRAM, VAN DE VELDE WOULD ACQUIRE OWN SHARES UP TO EUR 15 MILLION Further company coverage: (Gdansk Newsroom)

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