TrygVesta's share buy back programme was implemented from 4 April 2008 to one day prior to the release of the full year results 2008 (3 March 2009). In this period, the total share buy back will maximum amount to a volume of DKK 1,405m.
TrygVesta has a contract with Nordea Bank Danmark A/S, in which Nordea as Lead Manager handles purchase of shares on behalf of TrygVesta. Nordea handles all purchase transactions independently of and without influence by TrygVesta.
The pro rata repurchase from Tryg i Danmark smba is planned so that TryghedsGruppen, daily sells a number of TrygVesta shares settled at the volume weighed average purchase price of the shares purchased in compliance with the share buy back programme the relevant day of trading. Consequently, the free float of TrygVesta shares is maintained at 40%.
TrygVesta is entitled to stop the share buy back programme in case of substantial changes in the Group’s business or changes in the market. If the programme is stopped prematurely, TrygVesta will immediately disclose this in an announcement to OMX Nordic Exchange Copenhagen, and Nordea will refrain repurchasing shares in the market and Tryg i Danmark smba shares.
Guidelines of the share buy back programme
- The trading volume of own shares is limited to a total value of DKK 1,405m
- At a price of DKK 400 per share, the maximum number of shares that may be repurchased is approximately 3.51m shares, which is equivalent to 5.2% of TrygVesta’s share capital
- The daily volume of purchased shares cannot exceed 25% of the daily turnover on OMX Nordic Exchange Copenhagen and measured as an average of a period of running 20 trading days.
- Shares cannot be purchased at prices higher than the two following prices:
- The price of the latest independent trade
- The price of the highest independent bid on OMX Nordic Exchang Copenhagen
TrygVesta will announce the number of repurchased shares and the value of these shares on a weekly basis in an announcement to OMX Nordic Exchange Copenhagen.
At the launch of the share buy back programme, TrygVesta had 700,492 own shares or 1.03% of the total share capital. These own shares are for compliance of employees’ stock option programmes and share programmes.
The share buy back programme was initiated by authorisation that TrygVesta’s shareholders granted the Group’s Supervisory Board at the annual general meeting 3 April 2008, at which TrygVesta may purchase own shares up to 10% of the total share capital. At a future general meeting, the Supervisory Board will propose the purchased shares to be cancelled.
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), which ensures that the Group is protected against violation of insider legislation in relation to a share buy back programme.
Last update: 09 October 2008