Pandora Launches Major Share Buyback Programme
Pandora Announces New Share Buyback Programme
On February 7, 2024, Pandora announced a comprehensive share buyback programme, aligning with their commitment to enhancing shareholder value. The programme implementation adheres to Regulation (EU) No 596/2014, which governs market abuse regulations.
Objectives of the Share Buyback Programme
The primary goal of this programme is to effectively reduce Pandora’s share capital while fulfilling obligations stemming from company incentive schemes designed to reward employees and executives. By buying back shares, the company not only stabilizes its stock but also demonstrates confidence in its future growth.
Details of the Buyback Transactions
Under this buyback initiative, Pandora plans to repurchase shares amounting to a maximum aggregate of DKK 4.0 billion from February 8, 2024, until January 31, 2025. The execution of this plan involves multiple tranches, with the first tranche of DKK 1.3 billion already completed by June 11, 2024. Following this, the second tranche amounting to DKK 1.3 billion commenced on June 13, 2024, and is expected to conclude by September 27, 2024. SEB has been appointed as the sole lead manager for these transactions.
Recent Buyback Actions
Several transactions have already been executed under this programme, leading to significant buyback activity. As reported, a total of 1,883,891 shares have been repurchased, summing up to a transaction value of DKK 2,046,688,925.
Summary of Share Repurchase
Here are some notable recent transactions that illustrate the scale of the buyback undertaking:
- On August 19, 2024, Pandora repurchased 9,048 shares at an average price of 1,076.40 DKK, totaling 9,739,279 DKK.
- On August 20, 2024, a further repurchase of 12,574 shares occurred, yielding a transaction value of 14,026,297 DKK.
- August 21, 2024, saw the acquisition of 16,637 shares at an average price of 1,115.56 DKK, amassing 18,559,527 DKK.
- On August 22, 2024, 12,707 shares were repurchased at an average of 1,131.47 DKK for a total of 14,377,635 DKK.
- The most recent transaction on August 23, 2024, involved 17,914 shares purchased at 1,136.06 DKK, amounting to 20,351,314 DKK.
As a result of these transactions, Pandora currently holds a total of 1,849,690 treasury shares, which constitutes approximately 2.3% of the company’s share capital.
About Pandora
Pandora stands as the world's largest jewellery brand, recognized for designing, manufacturing, and marketing hand-finished jewellery crafted with premium materials at accessible price points. The brand's presence extends across more than 100 countries through approximately 6,700 points of sale, which includes over 2,600 concept stores.
With its headquarters in Copenhagen, Denmark, Pandora houses a workforce of approximately 33,000 employees worldwide and operates three distinct jewellery production facilities in Thailand. The company is dedicated to leading sustainability efforts within the industry, currently sourcing recycled silver and gold for its jewellery. Additionally, Pandora is on track to reduce its greenhouse gas emissions by 50% across its value chain by 2030. As of 2023, Pandora reported an impressive revenue generation of DKK 28.1 billion (approximately EUR 3.8 billion).
Contact Information
For further inquiries, please reach out to:
Investor Relations
Bilal Aziz
VP, Investor Relations & Treasury
Phone: +45 3137 9486
Email: bazi@pandora.net
Corporate Communications
Johan Melchior
VP, Media Relations & Public Affairs
Phone: +45 4060 1415
Email: jome@pandora.net
Additional Contact
Adam Fuglsang
Director, Investor Relations
Phone: +45 6167 7425
Email: adfug@pandora.net
Frequently Asked Questions
What is Pandora's share buyback programme?
Pandora's share buyback programme is an initiative aimed at repurchasing shares to reduce share capital and fulfill incentive obligations.
How much can Pandora spend on the buyback programme?
The maximum total amount designated for the buyback programme is DKK 4.0 billion.
Who is managing the share buyback transactions?
SEB has been appointed as the sole lead manager for the share buyback transactions.
What percentage of shares does Pandora currently hold in treasury?
Pandora currently holds a total of 1,849,690 treasury shares, which is about 2.3% of the company’s share capital.
What are Pandora’s sustainability goals?
Pandora aims to halve its greenhouse gas emissions across its value chain by the year 2030 and has committed to using recycled materials in its jewellery production.
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