COPENHAGEN - Ringkjøbing Landbobank has made further progress in its ongoing share buyback program, as detailed in the latest weekly report. The Danish bank's program, which began on February 1, 2024, and is scheduled to run until January 27, 2025, is divided into two parts. The first part, which was completed on June 27, 2024, saw the bank repurchase shares for DKK 750 million. The second part, currently underway, involves the buyback of shares for DKK 775 million, not exceeding 1,550,000 shares.
During the week of November 18 to November 22, 2024, the bank acquired a total of 22,500 shares at an average price of DKK 1,155.66 per share, amounting to DKK 26,000,362. The cumulative total for Part II of the program now stands at 504,007 shares bought back for DKK 562,770,216. Including the shares bought back in Part I, the total reaches 1,135,907 shares at an average purchase price of DKK 1,155.66, for a grand total of DKK 1,312,723,616.
As a result of these transactions, Ringkjøbing Landbobank now holds 1,335,907 of its own shares, corresponding to 4.3% of its share capital. This excludes shares in the bank's trading portfolio and investments made on behalf of customers.
The share buyback program is conducted in accordance with the "Safe Harbour" rules, outlined by the EU Commission Regulation No. 596/2014 of April 16, 2014, and the EU Commission Delegated Regulation No. 2016/1052 of March 8, 2016. These regulations allow for buyback programs to be carried out within certain parameters to prevent market abuse.
The bank's CEO, John Fisker (OTC:FSRNQ), has reiterated that the transactions related to the share buyback program are available in a detailed form as part of corporate announcements, ensuring transparency in the process.
This share buyback initiative is part of Ringkjøbing Landbobank's capital distribution strategy, which aims to adjust the capital structure and return value to shareholders. The bank's actions reflect a broader trend in the financial industry where institutions are actively managing their capital through buybacks, dividends, or a combination of both.
Investors and stakeholders are advised that the information is based on a press release statement and that the bank is expected to provide updates on the program's progression in line with regulatory requirements.
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