Repurchase of own shares
When own shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs and net of any tax effects, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to or from other reserves.
As per 31 December 2016 the Company owned no shares in its own capital.
The Executive Board is authorised for a period of 18 months, consequently until 10 October 2018, to acquire shares in Kendrion N.V., for Kendrion’s account and within the limits prescribed by Kendrion’s Articles of Association and the statutory provisions, of an amount to a maximum of 10% of the issued share capital at the time of the General Meeting of Shareholders held on 10 April 2017, either by purchase on the stock exchange or otherwise, at a price that does not exceed 110% of the opening price quoted on the Euronext Amsterdam on the day of the purchase of the shares or, in the absence of an opening price, the most recent price quoted on the stock exchange. Decisions made by the Executive Board to repurchase shares require the approval of the Supervisory Board.