The Board of Directors has decided to exercise the authority to buy back own shares granted by the Annual General Meeting on 30 March 2016.
The buy-back programme runs from 30 May 2016 to 30 December 2016 and covers a maximum of up to DKK 33m in market value. It is conducted as part of the utilization of the mandate to purchase own shares, granted by the Annual General Meeting on 30 March 2016.
The 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).
The purpose of the buy-back programme is to adjust the share capital to better reflect the Bank’s capital targets.
Conditions for the share buy-back programme
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- The maximum amount that BankNordik may pay for shares purchased under the share buy-back programme is DKK 33m.
- 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 Copenhagen at the time of the transaction.
- The total number of shares that may be purchased on a single trading day may not exceed 25% of the average daily trading volume over the preceding 20 trading days on Nasdaq Copenhagen.
- BankNordik will announce the number of purchased shares, as well as the value, on a weekly basis in a separate announcement to Nasdaq Iceland and Nasdaq Copenhagen.
Further information:
Árni Ellefsen, CEO, tel. (+298) 230 348
BankNordik has banking activities in Denmark, Greenland and the Faroe Islands and insurance activities in the Faroe Islands and Iceland. Founded in the Faroe Islands more than a century ago, the Group total assets of DKK 16.2bn and 477 employees. The Bank is subject to the supervision of the Danish Financial Supervisory Authority and is listed on Nasdaq Iceland and Nasdaq Copenhagen. www.banknordik.com