Nordea Bank Abp Nordea to launch fourth share buy-back programme.. (5812X)
April 26 2023 - 9:42AM
UK Regulatory
TIDM49IO
RNS Number : 5812X
Nordea Bank Abp
26 April 2023
Nordea to launch fourth share buy-back programme of up to EUR
1.0bn
Nordea Bank Abp
Stock exchange release - Other information disclosed according
to the rules of the Exchange
26 April 2023 at 16.30 EET
Nordea's Board of Directors has approved a share buy-back
programme of up to EUR 1.0bn. The programme will commence on 28
April 2023 or as soon as possible after that date. The approval
from the European Central Bank for the buy-backs was announced on 3
March 2023.
Nordea's Board of Directors has today approved a share buy-back
programme of up to EUR 1.0bn. The share buy-backs will be carried
out in accordance with the authorisation granted to the Board by
the 2023 Annual General Meeting.
The purpose of the buy-backs is to pursue an efficient capital
structure and generate sustainable shareholder returns by reducing
Nordea's excess capital. The programme will commence on 28 April
2023 or as soon as possible after that date and end no later than 5
March 2024.
Nordea has engaged a third-party broker to execute the buy-back
programme. Based on irrevocable instructions, the broker will
decide on the repurchases, including their timing, in full
independence. All repurchases will be made in compliance with
applicable price and volume limits and applicable terms.
The key terms of the share buy-back programme include:
-- Nordea may repurchase a maximum of 350,000,000 shares,
corresponding to approximately 9.7% of all the shares in the
company, provided that the maximum amount of EUR 1.0bn is not
exceeded. At any given time, the number of own shares collectively
held by Nordea and its subsidiaries may not exceed 10% of all the
shares in Nordea.
-- Nordea will repurchase the shares otherwise than in
proportion to the shareholdings of its shareholders (directed
repurchases).
-- The shares will be repurchased in public trading in
accordance with Regulation (EU) 596/2014 and Commission Delegated
Regulation (EU) 2016/1052 (which together constitute the Safe
Harbour regulation). The shares will be repurchased on Nasdaq
Helsinki, Nasdaq Stockholm and Nasdaq Copenhagen and on select
multilateral trading facilities.
-- The price payable per share will be determined by the pricing
obtainable on the relevant trading venue and in accordance with the
authorisation granted by the 2023 Annual General Meeting.
-- Nordea will not repurchase any shares in the United States or
in respect of its American Depositary Receipts.
-- Nordea will repurchase the shares using its unrestricted
equity and record the repurchases as a deduction from retained
earnings.
-- The repurchased shares will be cancelled on a monthly basis.
-- Nordea may suspend or terminate the programme before its
scheduled end date. In such cases this will be announced in a stock
exchange release.
Prior to commencement of the fourth buy-back programme Nordea
holds 1,810,352 treasury shares for capital optimisation purposes
and 4,781,182 treasury shares for remuneration purposes.
Nordea is implementing an efficient capital structure and will
continue to distribute excess capital to shareholders in the future
in line with its capital and dividend policy.
For further information:
Matti Ahokas, Head of Investor Relations, +358 9 5300 8011
Media inquiries, +358 10 416 8023 or press@nordea.com
The information provided in this stock exchange release was
submitted for publication, through the agency of the contacts set
out above, at 16.30 EET on 26 April 2023.
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