The Board of Directors in GN Store Nord has decided to launch a share buyback
program, acting on the authorization granted to the Board at the Annual General
Meeting held on March 18, 2010. The authorization allows GN to acquire up to
15% of its shares.
At the launch of the share buyback program, GN has 4,395,545 own shares
corresponding to 2.1% of the total share capital.
Purpose
The share buyback program is initiated in order to cover GN's long term
incentive program.
The share buyback program is being implemented in accordance with the
provisions of the European Commission's regulation no. 2273/2003 of December
22, 2003, which protects listed companies against violation of insider
legislation in connection with share buybacks.
Under the share buyback program, GN intends to buy back shares in the company
for an amount of up to DKK 100 million during a period starting today and
ending no later than June 30, 2010.
GN has appointed Nordea Markets as lead manager of the program. Nordea Markets
will, under a separate agreement with GN, buy back shares on behalf of GN and
make trading decisions in respect of GN shares independently of and without
influence from GN as to the timing of the purchases, and will complete the
buyback within the timeframe set out in this announcement.
The following guidelines will apply to GN's share buyback program:
• The trading volume of own shares is limited to a total value of DKK 100
million. E.g.: At a price of DKK 50 per share, the maximum number of shares
that may be repurchased is 2.0 million, which is equivalent to approx. 1% of
GN's share capital.
• The maximum number of shares that can be bought back in one single trading
day is 25% of the average daily trading volume of GN shares in the 20 preceding
trading days before the start of the program i.e. 415,000 shares.
• Shares cannot be purchased at a price higher than the two following prices:
- The share price of the latest independent trade
- The price of the highest current independent bid on the shares on NASDAQ OMX
Copenhagen
GN will announce the number and value of repurchased shares on a weekly basis
in an announcement to NASDAQ OMX Copenhagen. GN may at any time stop the share
buyback program. If GN decides to stop the program, GN will issue an
announcement to NASDAQ OMX Copenhagen.
As announced in the Q1 Interim Report 2010, GN will announce its general
dividend and share buyback policy, including the timing of a potential general
share buyback program, during the summer.
For further information, please contact:
Mikkel Danvold
Director, IR & Communications
GN Store Nord A/S
Tel: +45 45 75 02 71
