DSV, 721 - LAUNCH OF SHARE BUYBACK PROGRAMME ACCORDING TO THE SAFE HARBOUR METHOD
26 Octubre 2018 - 12:33AM
DSV, 721 - LAUNCH OF SHARE BUYBACK PROGRAMME ACCORDING TO THE SAFE
HARBOUR METHOD
Company Announcement No. 721
The Board of Directors of DSV has decided to exercise the
authority to buy back shares granted by the Annual General Meeting
on 8 March 2018. The authority is valid until 8 March 2023 and
covers a maximum of 18,800,000 shares, 4,366,747 of which have been
exercised before the launch of this share buyback programme.
PurposeThe purpose of the share buyback is to adjust the capital
structure and meet obligations relating to the Group’s share-based
incentive programmes. At the Annual General Meeting of DSV, a
resolution will be proposed that any shares not used for hedging of
the incentive programmes be cancelled.
Time frameThe share buyback programme will run from 26 October
2018 to 1 February 2019 at the latest, both days inclusive. During
this period, DSV will buy its own shares up to a maximum value of
DKK 1,200 million in accordance with Regulation No. 596/2014 of
the European Parliament and Council of 16 April 2014 (MAR) and
Commission Delegated Regulation (EU) 2016/1052, also referred to as
the Safe Harbour rules.
Buyback terms
• DSV is required to retain a lead
manager who is to make its own trading decisions independently of
and without influence from DSV and execute the buyback within the
announced limits. DSV has retained HSBC Bank plc as its lead
manager for the share buyback.
• Under the share buyback
programme, DSV may repurchase shares up to a maximum aggregate
purchase price of DKK 1,200 million, and no more than 4,000,000
shares, corresponding to 2.13% of the current share capital of DSV
A/S, may be purchased.
• No shares may be bought back at
a price exceeding the higher of (i) the share price of the latest
independent trade and (ii) the highest current independent bid at
Nasdaq Copenhagen at the time of trading in compliance with the
authority.
• The maximum number of DSV shares
that may be purchased on each business day may not exceed 25% of
the average daily trading volume of DSV shares on Nasdaq Copenhagen
over the last 20 trading days prior to the date of purchase.
A company announcement of any transactions under the programme
will be published every Monday throughout the duration of the
programme starting 5 November 2018.
Any questions may be addressed to Executive Vice President,
Investor Relations, Flemming Ole Nielsen, tel. +45 43 20 33 92.
Yours sincerely,DSV A/S
- 721 - Announcement (26.10.2018) - Launch of sharebuyback