The Board of Directors of PANDORA has decided to launch a share buyback
programme, under which PANDORA will buy back own shares to a maximum
consideration of DKK 4.0 billion in the period from PANDORA's Annual General
Meeting on 14 March 2018 until 13 March 2019.
Peter Vekslund, CFO of PANDORA, says: "2017 once again displayed the very cash
generative nature of PANDORA's business model and today we initiate a new share
buyback programme. This is in line with our capital structure policy, which is
clear on this point, as all excess cash not used for building our business is
returned to our shareholders through dividends and share buyback programmes."
The purpose of the programme is to adjust the Company's capital structure and
to meet obligations arising from PANDORA's incentive programmes for 2018. The
Board of Directors intends to propose to PANDORA's shareholders at the Annual
General Meeting in 2019 that PANDORA's share capital be reduced by shares
purchased under the programme, which are not used for hedging of the incentive
programmes.
The share buyback programme is implemented in accordance with Regulation (EU)
No 596/2014 of the European Parliament and of the Council of 16 April 2014 on
market abuse (market abuse regulation).
PANDORA has appointed Nordea, Citi Bank and SEB as lead managers of the
programme. The lead managers will, under a separate agreement with PANDORA, buy
back shares on behalf of PANDORA and make trading decisions in respect of
PANDORA shares independently of and without influence from PANDORA.
The programme will be implemented under the following framework:
-- The maximum total consideration for PANDORA shares bought back in the
period of the programme is DKK 4.0 billion;
-- Under the current authorisation to acquire treasury shares, and thus
applicable to the programme, PANDORA can acquire a maximum of 8.5 million
shares;
-- The maximum number of shares to be bought per daily market session will be
the equivalent to 25% of the average daily volume of shares in the Company
traded on Nasdaq Copenhagen during the preceding 20 business days;
-- The purchase price paid in connection with acquisition of treasury shares
must not diverge from the price quoted on Nasdaq Copenhagen at the time of
acquisition by more than 10%.
PANDORA may terminate the programme at any time.
On a weekly basis PANDORA will issue an announcement in respect of transactions
made under the programme.
ABOUT PANDORA
PANDORA designs, manufactures and markets hand-finished and contemporary
jewellery made from high-quality materials at affordable prices. PANDORA
jewellery is sold in more than 100 countries on six continents through around
7,800points of sale, including more than 2,400 concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more
than 27,300 people worldwide of whom around 13,200 are located in Thailand,
where the Company manufactures its jewellery. PANDORA is publicly listed on the
Nasdaq Copenhagen stock exchange in Denmark. In 2017, PANDORA's total revenue
was DKK 22.8 billion (approximately EUR 3.1 billion).
CONTACT
For more information, please contact:
INVESTOR RELATIONS MEDIA RELATIONS
Magnus Thorstholm Jensen Martin Kjærsgaard Nielsen
Vice President, Head of Investor Head of Media Relations, Corporate
Relations Communications
+45 7219 5739 +45 5077 5271
mtje@pandora.net mnie@pandora.net
Christian Møller
Investor Relations Officer
+45 7219 5361
chmo@pandora.net
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