The Board of Directors in RTX A/S (RTX) has decited to exercise the authority to buy back shares granted by the Annual General Meeting on 31 January 2014. The authority is valid until RTX’s Annual General Meeting in January 2015 and covers a maximum value of up to DKK 12 million, of which DKK 7 million have been exercised in the period from 3 February 2014 to 28 August 2014. RTX expect to use the full authorization given to repurchase shares for the maximum permitted value of DKK 12 million in the period until the next Annual General Meeting in January 2015.
As of 29 August 2014, RTX holds 294,518 treasury shares of a nominal value of DKK 5, equal to 3.33% of outstanding shares.
The share buy-back programme runs from 29 August 2014 to 20 November 2014. In this period RTX will acquire shares with a value of up to DKK 3 million. The share buy-back programme is initiated and structured in compliance with the EU Commission Regulation No. 2273/2003 of 22 December 2003 (the so-called Safe Harbour Regulative for share buy-back programmes) which ensures that RTX is protected against violation of insider legislation in relation to the share buy-back programme.
Conditions for the share buy back programme
The purpose of the share buy back programme is to address the company’s capital structure and to hedge sharebased payments.
RTX has entered into a contract with ABG Sundal Collier, in which ABG Sundal Collier acts as financial advisor and as Lead Manager of the programme. ABG Sundal Collier handles all purchase transactions independently and without influence from RTX.
The maximum amount that RTX may pay for shares purchased under the share buy-back programme is DKK 3 million. The authorisation of the annual general meeting gives RTX authority to own up to 10% of own shares.
The shares cannot be purchased at prices exceeding the higher of (i) the price of the latest independent trade and (ii) the price of the highest independent bid on NASDAQ OMX Copenhagen at the time of the transaction.
Due to low liquidity in the company shares, and in accordance with the Safe Harbour Regulative, the Board has decided to deviate from the limit of purchase of no more than 25% of the average daily volume of the company shares traded on NASDAQ OMX Copenhagen during the previous 20 trading days. Thus, the maximum of shares bought every trading day is equivalent to 50% of the average daily volume of company shares traded in the previous 20 trading days.
RTX A/S will announce the number of purchased shares, as well as the value, on a weekly basis in a separate announcement to NASDAQ OMX Copenhagen.
For further information please contact
CEO, Flemming Hynkemejer, Phone: +45 9632 2300
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