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London Stock Exchange
Date 15 September 2021
Implementation of share buy-back programme
The bank’s board of directors decided today to implement a share buy-back programme totalling DKK 242.5 million with the purpose of cancelling the shares at a future general meeting. The decision is based on the general authority which the bank’s annual general meeting of 3 March 2021 gave the bank’s board of directors to permit the bank to acquire its own shares to a total nominal value of 10% of the bank’s share capital, so that the shares can be acquired at the current listed price, plus or minus 10% at the time of acquisition. The buy-back amount equals the share of the share buy-back programme planned in 2020 that was not executed due to the Corona situation.
The share buy-back programme runs from 1 October 2021 up to and including 25 January 2022. During this period the bank will buy its own shares for up to DKK 242.5 million under the programme, subject to a maximum of 800,000 shares.
The share buy-back programme will be implemented in compliance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 and Commission Delegated Regulation (EU) No 2016/1052 of 8 March 2016, which together constitute the Safe Harbour regulation.
The bank may suspend or stop the buy-back of shares at any time, in which event a corporate announcement will be issued.
The conditions for the share buy-back programme are as follows:
The purpose of the share buy-back is to adjust the bank’s capital structure.
Ringkjøbing Landbobank has appointed Danske Bank as lead manager of the share buy-back programme. Danske Bank will make all trading decisions independently, without influence from Ringkjøbing Landbobank, and will purchase shares within the published limits.
The maximum amount that Ringkjøbing Landbobank may pay for shares purchased under the share buy-back programme is DKK 242.5 million, with a maximum limit of 800,000 shares.
Shares may not be purchased at a price exceeding the higher of (i) the price of the latest independent transaction; and (ii) the highest bid from an independent buyer on Nasdaq Copenhagen at the time of the transaction.
The total number of shares that may be purchased on a single trading day may not exceed 25% of the average daily traded volume over the preceding 20 trading days on Nasdaq Copenhagen.
Ringkjøbing Landbobank will announce the number of purchased shares, as well as their value, on a weekly basis in a separate announcement to Nasdaq Copenhagen etc., in both aggregated and detailed forms.