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Extraordinary General Meeting – increase of share buyback programme

News Provided by GlobeNewswire2018-06-22
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Nasdaq Copenhagen A/S
London Stock Exchange
Bourse de Luxembourg
Other stakeholders

 

Company Announcement No 34/2018

 
Peberlyk 4
6200 Aabenraa, Denmark

 

Tel: +45 74 37 37 37
Fax: +45 74 37 35 36

 

Sydbank A/S
CVR No DK 12626509, Aabenraa
sydbank.dk

 

 
22 June 2018 

Dear Sirs

Extraordinary General Meeting – increase of share buyback programme

At the Extraordinary General Meeting of Sydbank A/S on 22 June 2018 the Board of Directors was authorised to allow the Bank to acquire own shares at a total value of up to 10% of the Bank’s share capital.

The price paid for shares may not differ by more than 10% from the price quoted on Nasdaq Copenhagen A/S at the time of purchase. The authority is effective until the next Annual General Meeting.

In continuation hereof Sydbank’s Board of Directors decided to increase the existing share buyback programme of DKK 500m by DKK 750m, bringing the total share buyback programme to DKK 1,250m. The programme was initiated on 21 February 2018 and it will be completed on 31 January 2019. The purpose of the share buyback is to reduce the Bank’s share capital with the shares purchased under the programme.

The share buyback is part of the capital adjustment to optimise the capital structure in accordance with the Bank’s capital targets and capital policy published in the Bank’s 2017 Annual Report.

At 31 March 2018 Sydbank’s Common Equity Tier 1 capital ratio stood at 16.6% and its capital ratio stood at 20.2%.

Sydbank has chosen Danske Bank to manage the share buyback programme which will be executed in compliance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 and the Commission Delegated Regulation (EU) 2016/2052 of 8 March 2016, collectively referred to as the Safe Harbour rules.

The share buyback programme will be subject to the following guidelines:

  • shares may not be purchased at a price higher than the higher of the following prices:

            I. the price of the last independent trade

             

            II. the highest current independent purchase bid on the trading venue where the purchase is carried out, including when the shares are traded on different trading venues

             

  • purchases on any trading day must not exceed 25% of the average daily volume of the shares in the preceding 20 trading days on the trading venue on which the purchase is carried out.

On the first banking day of each week Sydbank will state the number and value of repurchased shares in a company announcement.

Sydbank may suspend or end the share buyback programme at any time. In such case this will be announced in a company announcement.

Yours sincerely

                         
Karen Frøsig                                    Bjarne Larsen
CEO                                                 Deputy Group Chief Executive

Attachment

  • FM 34 UK


© 2018 GlobeNewswire, Inc. All Rights Reserved.

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The news, reports, views and opinions of authors (or source) expressed are their own and do not necessarily represent the views of CRWE World.


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