1st Mar 2017 07:02
Sydbank A/S / Miscellaneous Sydbank to repurchase shares 01-March-2017 / 09:02 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement. Aabenraa, Denmark, 2017-03-01 09:01 CET (GLOBE NEWSWIRE) -- Sydbank’s Board of Directors has decided to implement a share buyback programme of DKK 664m, however a maximum of 4 million shares. The purpose of the share buyback is to reduce the Bank’s share capital with the shares purchased under the programme. Using the closing price on Tuesday 28 February 2017 the buyback equals about 2.7m shares, equal to 3.8% of the Bank’s share capital. The share buyback will be executed in accordance with the authorisation of the general meeting of 4 March 2013 whereby the Board of Directors may acquire own shares of up to 10% of the capital. A proposal for a new authorisation to the Board of Directors to acquire own shares will be submitted at the Bank’s AGM on 23 March 2017. 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 2014 Annual Report. At 31 December 2016 the Bank’s Common Equity Tier 1 capital ratio stood at 16.1% and its capital ratio stood at 19.2%. The share buyback programme will be initiated on Thursday 2 March 2017 and will be completed by 31 December 2017. Sydbank has chosen Danske Bank to manage the buyback 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) 2016/1052 of 8 March 2016, collectively referred to as the Safe Harbour rules. The share buyback programme will be subject to the following guidelines:
On the first banking day of each week Sydbank will state the number and value of repurchased shares in a company announcement, the first time being on 6 March 2017. Sydbank may suspend or end the share buyback programme at any time. In such case this will be announced in a company announcement. Click on, or paste the following link into your web browser, to view the associated documents https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=618088 News Source: NASDAQ OMX The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de/ukreg |
| Language: | English |
| Company: | Sydbank A/S |
| Denmark | |
| ISIN: | DK0010311471 |
| Category Code: | MSC |
| TIDM: | 0G6U |
| Sequence No.: | 3895 |
| End of Announcement | EQS News Service |
549125 01-March-2017
UK-Regulatory-announcement transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.
Related Shares:
Sydbank Ord