ANNOUNCEMENT NO. 96 -
The Board of Directors has decided to carry out a share buy-back of up to a total of
Purpose
The purpose of the share buy-back program is to adjust the capital structure of the Company and to hedge the company's obligations under incentive schemes granting options or restricted shares to the company's employees. A maximum of 1,400,000 shares can be acquired.
Time frame
The share buy-back programme runs from
Safe Harbour method
The programme will be structured in accordance with Regulation No. 596/2014 of the
Terms
- NORDEN will appoint
Danske Bank to act as lead manager and execute the purchase of shares on behalf of the Company. The bank will make all share purchase decisions independently and without the involvement of NORDEN. - Prior to the share buy-back, NORDEN holds 878,701 treasury shares, equal to 2.75% of the share capital.
- The daily volume of purchased shares cannot exceed 25% of the average daily volume of shares traded within the last 20 trading days prior to the trading day.
- During the buy-back programme, no shares will be purchased at a price exceeding the higher of the following two prices: i) the price of the latest independent trade and ii) the highest current independent bid on NASDAQ OMX Copenhagen.
- NORDEN is entitled to stop the share buy-back programme at any time. If the programme is stopped prematurely, NORDEN will disclose this in an announcement to NASDAQ OMX Copenhagen.
- Details of all transactions executed under the buy-back programme will be publicly disclosed not later than every 7th trading day.
In connection with the announced share buy-back program, A/S Motortramp will sell shares pro rata in order to maintain its current ownership of just below 32% of the shares in
Kind regards
Chair
For further information:
https://news.cision.com/norden/r/norden-initiates-share-buy-back-programme,c3967789
https://mb.cision.com/Public/21709/3967789/a16243fe900abc67.pdf
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