Pandora Launches Share Buy-Back Programme
The Board of Directors at Pandora has announced an exciting development involving a new share buy-back programme. This initiative allows Pandora to repurchase shares up to a total value of DKK 4.0 billion. The buy-back is set to take place from February 6 through January 30 of the following year, both dates included.
Programme Details and Management
To facilitate the initial part of this programme, Pandora has enlisted Nordea as the sole lead manager. The first phase of the buy-back, which includes a tranche worth DKK 1.3 billion, is scheduled to run from early February until June of the same year at the latest.
Compliance with Regulatory Framework
This strategic share repurchase adheres to the safe harbour rules established under the Regulation (EU) No 596/2014, which governs market practices. Thus, Pandora is committed to conducting this programme in a way that maintains market integrity.
Strategic Framework of the Buy-Back Programme
Several key elements define the framework of this buy-back initiative:
- The maximum amount allocated for the buy-back of Pandora shares throughout the entire programme is set at DKK 4.0 billion.
- Pursuant to the existing authorisation to reclaim treasury shares, Pandora is permitted to buy back up to 10% of its existing share capital.
- Purchases will occur primarily on Nasdaq Copenhagen, along with other multilateral trading facilities such as Turquoise Europe and Cboe DXE, among others.
- No share purchase will exceed the higher of the latest independent trade price or the highest independent offer price available on the trading platform during the purchase.
- The maximum number of shares repurchased in a single trading session will be limited to 25% of the average daily volume over the previous 20 days of trading.
Purpose and Impact of the Programme
The underlying goal of this share repurchase programme is to effectively reduce the share capital of Pandora, which also aligns with the obligations stemming from the company’s incentive programmes for employees and management. This strategic move not only enhances shareholder value but also signifies confidence in Pandora’s ongoing business model.
Status and Transparency
It is noteworthy that Pandora retains the discretion to terminate the programme at any time. To maintain transparency, the company will provide weekly updates regarding the transactions conducted under this buy-back initiative.
About Pandora
Pandora stands as the leading jewellery brand globally, dedicated to creating accessible luxury pieces crafted from the finest materials. Each item is designed to encourage self-expression, allowing individuals to share their unique stories through significant and beautiful jewellery. Currently, Pandora's products are available in over 100 countries, with more than 6,800 sales points, including over 2,700 concept stores.
Sustainability and Ethical Practices
Headquartered in Copenhagen, Pandora employs a workforce of around 37,000 people and is proud to use only recycled silver and gold in its jewellery. The company is also making great strides in sustainability, aiming to cut its greenhouse gas emissions in half across its value chain by 2030. Pandora's financial health is robust, having reported a revenue of DKK 31.7 billion in the latest fiscal year.
Contact Information
If you require further information, please reach out to:
Investor Relations
Bilal Aziz
VP, Investor Relations & Treasury
+45 3137 9486
biazi@pandora.net
Corporate Communications
Johan Melchior
VP, Media Relations & Public Affairs
+45 4060 1415
jome@pandora.net
Adam Fuglsang
Director, Investor Relations
+45 6167 7425
adfug@pandora.net
Frequently Asked Questions
What is the purpose of the share buy-back programme?
The programme aims to reduce Pandora’s share capital and fulfill obligations related to employee incentive initiatives.
How much is allocated for the buy-back programme?
Pandora has set a maximum consideration of DKK 4.0 billion for the entire duration of the programme.
Which organization is managing the buy-back?
Nordea has been appointed as the sole lead manager for the initial tranche of the buy-back programme.
When will the buy-back programme start and end?
The programme is scheduled to commence on February 6 and conclude no later than January 30 of the following year.
How does Pandora maintain market integrity during this process?
Pandora complies with the safe harbour rules established under the European market abuse regulation during its share buy-back programme.
