ANNOUNCEMENT
As announced on
The buy-back program will be executed under EU Commission Regulation No. 596/2014 of the
The share buy-back program is initiated pursuant to the authorisation granted to the Board of Directors by the Annual General Meeting in 2019, which entitled the Company to acquire treasury shares at a nominal value not exceeding 15% of the share capital at the market price applicable at the time of acquisition with a deviation of up to 10%.
The first phase of the program will run from
The Company has appointed Skandinaviska Enskilda Banken (“SEB”) as lead manager for the first phase of the share buy-back. SEB will make own trading decisions independently of and without influence from the Company and within the announced limits.
Prior to the share buy-back, the Company holds 108,870 A shares and 473,021 B shares, equal to 2.90% of the share capital.
As earlier announced, the purpose of the program is to adjust the capital structure of the Company and to meet obligations under long-term incentive programs.
Terms:
- No shares may be bought back at a price exceeding the higher of i) share price of latest independent trade and ii) the highest current independent offer price on the trading venue where the purchase is carried out.
- The maximum number of A and B shares that may be purchased on each trading day may not exceed 20% of the average daily trading volume of A and B shares, respectively, on NASDAQ Copenhagen or other regulated markets, on which the purchase is carried out, over the last 20 trading days prior to the date of purchase.
- A and B shares will be acquired in a 20/80 split reflecting the current trading volumes of the two share classes.
- The Company will fulfil its reporting obligations by announcing no later than every 7th trading day the purchases made under the share buy-back program.
- A.P. Møller Holding A/S has committed to participate in the share buyback program by selling shares relative to its voting rights and relative to its total ownership in the Company. A.P. Møller Holding A/S intends to maintain its ownership of 51.45% of A shares and 41.51% of the total share capital in the Company.
- The Company is entitled to suspend or stop the program at any time subject to an announcement to NASDAQ Copenhagen.
Contact persons:
Head of Investor Relations,
Head of Media Relations,
Attachment
- Announcement - first phase share buy-back IV
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