Copenhagen, 2012-08-20 08:26 CEST (GLOBE NEWSWIRE) -- Acting under the current share buyback authorization, a Safe Harbor program of DKK 400 million will be initiated today and end no later than February 28, 2013. The current authorization allows GN to acquire up to 20% of its shares.
The purpose of the program is to reduce the company’s share capital. At the initiation of the share buyback program, GN holds 20,241,969 own shares corresponding to 10.5% of the total share capital.
The share buyback program is being implemented in accordance with the provisions of the European Commission’s regulation no. 2273/2003 of December 22, 2003, also referred to as the Safe Harbor rules, which protects listed companies against violation of insider legislation in connection with share buybacks. GN has appointed SEB Enskilda as lead manager of the program. SEB Enskilda will, under a separate agreement with GN, buy back shares on behalf of GN within the timeframe set out in this announcement and make trading decisions in respect of GN shares independently of and without influence from GN.
The following guidelines will apply to GN’s share buyback program:
- The trading volume of own shares is limited to a total value of DKK 400 million e.g. at a price of DKK 75 per share, the maximum number of shares that may be repurchased is 5.3 million, which is equivalent to approximately 2.7% of GN’s share capital.
- The maximum number of shares that can be bought back in one single trading day is 25% of the average daily trading volume of GN shares in the 20 trading days prior to the initiation of the share buyback program, which corresponds to 209,144 shares
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Shares cannot be purchased at a price higher than the two following prices:
- The share price of the latest independent trade
- The price of the highest current independent bid on the shares on NASDAQ OMX Copenhagen
Every seventh trading day GN will announce the number and value of repurchased shares in company announcements to NASDAQ OMX Copenhagen. GN may at any time stop the share buyback program, which in that case also will be announced in an announcement to NASDAQ OMX Copenhagen.
For further information, please contact:
Mikkel Danvold
Vice President, IR & Communications
GN Store Nord A/S
Tel: +45 45 75 02 71
