NORDEN initiates share buy-back programme

ANNOUNCEMENT NO. 22 - 19 AUGUST 2020 The Board of Directors has decided to carry out a share buy-back of up to a total of USD 10 million (approximately DKK 63 million). The share buy-back programme is initiated pursuant to the authorisation granted to the Board of Directors, which entitles NORDEN to acquire treasury shares at a nominal value not exceeding 10% of the share capital at the market price applicable at the time of acquisition with a deviation of up to 10%. This authorisation was...

Hellerup, 19/08/2020 (informazione.news - comunicati stampa - trasporti)

ANNOUNCEMENT NO. 22 - 19 AUGUST 2020

The Board of Directors has decided to carry out a share buy-back of up to a total of USD 10 million (approximately DKK 63 million). The share buy-back programme is initiated pursuant to the authorisation granted to the Board of Directors, which entitles NORDEN to acquire treasury shares at a nominal value not exceeding 10% of the share capital at the market price applicable at the time of acquisition with a deviation of up to 10%. This authorisation was most recently renewed at NORDEN's general meeting on 12 June 2020.

Purpose
The purpose of this share buy-back program is to hedge the company's obligations under incentive schemes granting options or restricted shares to the company's employees. A maximum of 4,070,000 shares can be acquired.

Time frame
The share buy-back programme runs from 19 August 2020 up to and including no later than end October 2020.

Safe Harbour method
The programme will be structured in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation).

Terms

Kind regards

Dampskibsselskabet NORDEN A/S

Klaus Nyborg

Chairman of the board

For further information:
Martin Badsted, CFO, +45 3315 0451

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