COPENHAGEN - Danish lender Ringkjøbing Landbobank has announced the completion of the second part of its share buyback program, with transactions under the scheme reaching DKK 679.9 million. The buyback program, which commenced on February 1, 2024, was divided into two parts, with the first phase concluding on June 27, 2024, after the bank repurchased shares worth DKK 750 million.
The second phase, which began on June 28, 2024, and was slated to end by January 27, 2025, has now seen the acquisition of 1,235,707 shares, representing 4.6% of the bank’s share capital. The average purchase price of the shares during the second phase was DKK 1,126.06 per share.
The program operates under the EU Commission Regulation No. 596/2014 and EU Commission Delegated Regulation No. 2016/1052, known as the "Safe Harbour" rules, which allow for share buybacks to occur without contravening market manipulation regulations.
During the week of December 23, 2024, the bank purchased 4,500 shares at an average price of DKK 1,196.00, amounting to DKK 5,382,000. On December 27, 2024, another 4,500 shares were bought at an average price of DKK 1,207.31, totaling DKK 5,432,895.
The transactions have been carried out on the Nasdaq Copenhagen exchange, and a detailed summary of the trades has been provided in the corporate announcement. Ringkjøbing Landbobank’s CEO, John Fisker (OTC:FSRNQ), has confirmed the details of the transactions.
This share buyback initiative is part of the bank’s strategy to return value to shareholders and manage its capital structure efficiently. Investors and stakeholders have been provided with transparent information regarding the buyback transactions, as required by the regulatory framework governing such activities.
The information in this article is based on a press release statement from Ringkjøbing Landbobank.
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