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Wed 28 Apr 2010, 09:33 GMT

Vopak to repurchase shares by June 2010


Tank storage operator to repurchases up to 150,000 shares for long-term variable income plan.

Royal Vopak has announced that it plans to repurchase up to a maximum of 150,000 Vopak shares by 30 June 2010.

The tank terminal operator said that the actual repurchase will be for a maximum of 300,000 shares once the approved 1:2 share split comes into effect, on a date yet be determined.

As in previous years, Vopak said the share repurchase was the next portion of shares in the hedging of the long-term variable income plan as authorized by the Annual General Meeting of Shareholders.

This plan grants shares to the Executive Board and senior management, if specific financial performance criteria are met.

According to the authorization as granted by the Annual General Meeting to the Executive Board, the maximum purchase price per share will not be higher than 110 percent of the average stock market quotation of the last five business days previous to the date of the purchase.

"The ‘buy-back’ program is lead-managed by a credit institution which makes its trading decisions in relation to the issuer’s shares, independently of, and without influence by, the issuer with regard to the timing of the purchase," Vopak said in a statement.

Royal Vopak is the world's largest independent tank storage service provider, specialized in the storage and handling of bulk liquid chemicals, gasses and oil products.

The company operates 80 terminals with a storage capacity of more than 28 million cubic meters in 31 countries. The terminals are strategically located for users along the major shipping routes.

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