As part of its ongoing focus on creating value for the company's shareholders,
the Supervisory Board of H+H International A/S has decided to initiate a
buyback of B shares.
The Supervisory Board is of the opinion that the current price of the company's
B shares does not reflect the value of the company and its ability to create
value for its shareholders through the expected future cash flows.
The scope of the overall share buyback programme is expected to be a figure in
the region of up to DKK 90 million, which, with the current share price,
corresponds to approx. 7% of the total number of shares. The share buyback will
be effected with a view to subsequent cancellation of the shares bought by
reduction of the company's share capital. The share buyback will be initiated
with immediate effect and may extend over the next six months.
Moreover, the Supervisory Board will recommend at the Annual General Meeting
that a dividend of DKK 30 per share with a nominal value of DKK 100 be paid.
The share buyback is effected in accordance with the following authority to the
Supervisory Board at the Annual General Meeting on 12 April 2007:
The Supervisory Board is authorised to permit the company to buy
back treasury shares up to a total nominal value of 10% of the
Company's nominal share capital at a consideration that must not
deviate by more than 10% from the price quoted on the Copenhagen
Stock Change at the time of such purchase. The authority is
granted for the period until the next Annual General Meeting.
The share buyback programme is not effected under Commission Regulation (EC)
No. 2273/2003 (the Safe Harbour regulation). The company will be managing and
instructing the buybacks itself, and no lead manager will consequently be
appointed. The company will not be making any buybacks for a period of three
weeks prior to the publication of annual and interim financial reports.
A company announcement will be issued in the event of the Supervisory Board
resolving to discontinue or change the buyback programme.
The company today holds 14,659 B shares with a nominal value of DKK 100 each,
equivalent to 1.26% of the total share capital. The current allocation to the
company's share option schemes is 14,433 B shares.
The outlook concerning full-year 2007 profit before tax is a figure in the
region of DKK 200-210 million compared with the previously forecast DKK 190-210
million.
Anders C. Karlsson
Chairman of the Supervisory Board
Hans Gormsen
CEO
For additional information please contact:
Hans Gormsen, CEO, or Martin Busk Andersen, Vice President, Finance,
on telephone +45 35 27 02 00
