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COPENHAGEN - Ringkjøbing Landbobank has announced the launch of a new share buyback program, effective today, with the intent to acquire up to DKK 500 million worth of its own shares. The program, which will run until May 28, 2025, is part of an effort to adjust the bank's capital structure.
The buyback initiative follows the authorization granted by the bank's annual general meeting on February 28, 2024, allowing the board of directors to repurchase shares. The plan is contingent on the upcoming annual general meeting on March 5, 2024, renewing this authority.
Under the terms of the program, the bank may buy back up to 800,000 shares. The transactions will adhere to the Safe Harbour rules, ensuring compliance with EU market abuse regulations.
Danske Bank (CSE:DANSKE) has been appointed as the lead manager of the program and will independently execute trades within the established parameters. Ringkjøbing Landbobank is prohibited from purchasing shares at a price above the latest independent transaction or the highest independent bid on Nasdaq Copenhagen at the time of purchase.
The bank has committed to not exceeding 25% of the average daily volume of shares traded on Nasdaq Copenhagen over the preceding 20 trading days in any single transaction day. To maintain transparency, Ringkjøbing Landbobank will report weekly to Nasdaq Copenhagen on the progress of the buyback, including the number and value of shares repurchased.
This strategic move is a common practice among firms aiming to optimize their capital allocation and provide value to shareholders. The bank reserves the right to suspend or halt the buyback program at any time, which would be communicated through a corporate announcement.
The information in this article is based on a press release statement from Ringkjøbing Landbobank.
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