As stated in Danske Bank's Annual Report 2016, the Board of Directors of Danske Bank A/S has approved a share buy-back programme for DKK 10 billion, with a maximum of 90 million shares. The programme will be conducted in the period from 3 February 2017 to 2 February 2018, at the latest.
The purpose of the programme is to adjust the share capital to better reflect Danske Bank’s capital targets.
On 31 December 2016, Danske Bank had a common equity tier 1 (CET1) capital ratio of 16.3% and a total capital ratio of 21.8%. The Bank has met its capital targets of a CET1 capital ratio of 14-15% since 2012 and a total capital ratio of around 19% since the third quarter of 2015.
The programme will be carried out under the authority granted to the Board of Directors by Danske Bank A/S's general meeting on 17 March 2016. There is a limit to the number of shares that can be acquired under the programme, however: 10% of the total share capital. At the general meeting in 2018, the Board of Directors will propose that the shares acquired be cancelled. The programme will be conducted under the European Commission’s Regulation No. 596/2014 of 16 April 2014 (the "Market Abuse Regulation") and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016, which together constitute the Safe Harbour Regulation. The share buy-back programme will take place through Danske Bank A/S.
The Bank may suspend or stop the programme at any time. If it does so, it will issue a company announcement to this effect.
The following guidelines apply to the share buy-back programme:
- Shares will not be purchased at a price higher than the higher of the following: the price of the last independent trade and the highest existing independent buyer's offer on the marketplace where the purchase takes place.
- The maximum number of shares that can be repurchased on a single business day is 25% of the average daily share trading volume in the preceding 20 days on the marketplace where the purchase takes place.
As long as the programme runs, at the beginning of the week, Danske Bank A/S will disclose transaction data in detailed and summary form in a company announcement.
Danske Bank A/S