ISS A/S Enhances Share Buyback Initiative
Company Announcement
ISS A/S, a prominent workplace experience and facility management enterprise, announces an extension of its share buyback program by DKK 250 million, raising the total to DKK 1.5 billion. This strategic decision, made by the Board of Directors, aims to redistribute surplus cash to shareholders and demonstrate the company's commitment to value enhancement.
The share buyback initiative reflects ISS's dedication to managing capital efficiently and benefitting its stakeholders. It serves dual purposes: to reduce share capital significantly and to fulfill commitments related to the company's employee share-based incentive plans. By executing this program, ISS not only aims to return value to its shareholders but also reinforces its commitment to maintaining a robust financial position.
Details of the Share Buyback Program
The latest program adjustment will prolong the current buyback period from 22 February 2024 until 19 February 2025, allowing a longer timeframe for execution. The aim is to acquire up to DKK 1 billion in shares during the second tranche of the program, building upon the previously completed transactions.
Execution Framework
ISS has appointed Danske Bank as the lead manager for this initiative, ensuring execution takes place with independence and without direct influence from ISS. The program is designed according to a comprehensive framework that includes:
- The maximum total consideration for shares bought back is DKK 1.5 billion.
- Up to 18 million shares may be acquired throughout the program's duration.
- Daily purchases will be limited to no more than 25% of the average daily volume of ISS shares traded on Nasdaq Copenhagen over the preceding 20 trading days.
- The purchase price for treasury shares will not deviate by more than 10% from the quoted price on Nasdaq Copenhagen at the acquisition time.
- ISS reserves the right to suspend or terminate the program at any moment, with any such decision disclosed in a company announcement.
- Weekly announcements will be issued to indicate transactions made as part of this program.
About ISS A/S
As an influential global provider of workplace and facility service solutions, ISS A/S collaborates closely with its clients to enhance employee engagement and maintain environmental sustainability. The company’s diverse service offerings emphasize protection and maintenance at various sites, including offices, manufacturing plants, airports, and hospitals worldwide. With a workforce exceeding 350,000 individuals—fondly referred to as “placemakers”—ISS showcases its commitment to service excellence and operational effectiveness.
In the previous financial year, ISS reported group revenues of DKK 78.7 billion, reflecting steady growth and robust operational strategies. For more insights into their offerings and developments, you can explore more about ISS A/S.
Contact Information for Inquiries
Investor Relations Inquiry:
Michael Vitfell-Rasmussen, Head of Group Investor Relations, +45 53 53 87 25
Media Inquiry:
Charlotte Holm, Head of External Communications, +45 41 76 19 89
Frequently Asked Questions
What is the purpose of ISS's share buyback program?
The program aims to redistribute excess cash to shareholders and fulfill obligations related to employee share-based incentive schemes.
How much is ISS increasing its share buyback program by?
ISS is increasing its share buyback program by an additional DKK 250 million, raising the total to DKK 1.5 billion.
Who manages the execution of the share buyback program?
Danske Bank has been appointed as the lead manager of the share buyback program, ensuring its independent execution.
What is the maximum number of shares ISS can acquire through this program?
Under the program, ISS can acquire up to 18 million shares during its duration.
How often will ISS update about the transactions made under the share buyback program?
ISS will provide updates on transactions made under the program on a weekly basis.
