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ForFarmers definitively stops buying its own shares
In explanatory notes to the quarterly figures, ForFarmers has indicated that it will definitively end the share buy-back program. This was already suspended in the spring when raw material prices rose rapidly due to the war in Ukraine and working capital was required in the company.
When presenting the quarterly figures ForFarmers refrained from forecasting the result for 2022. However, it was stated that for the time being the company assumes persistently volatile markets in the field of energy and feed raw materials. In connection with this, ForFarmers has decided to definitively terminate the purchase program. Before the suspension of the program, ForFarmers bought back some 23 million of its own shares for more than €5,94 million.
In response to the disappointing quarterly figures, the price on the Damrak fell considerably. The closing price was €1 per share on Tuesday, November 2,45, a decrease of about 10%. Belgian investment bank Degroof Petercam decided to lower its price target from €5,40 to €3. ForFarmers was also removed from the purchase list.
On Thursday 17 November, ForFarmers will provide an update of its strategy for the coming years.
Wouter Job
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