Pandora Unveils New Share Buyback Programme
On February 7, 2024, Pandora revealed a detailed share buyback programme that underscores its dedication to enhancing shareholder value. This initiative complies with Regulation (EU) No 596/2014, which sets the standards for market abuse regulations.
Aims of the Share Buyback Programme
The main objective of this programme is to effectively lower Pandora’s share capital while also addressing obligations related to employee and executive incentive schemes. By repurchasing shares, the company not only stabilizes its stock but also conveys its confidence in future growth prospects.
Buyback Transaction Details
As part of this buyback initiative, Pandora intends to repurchase shares totaling a maximum of DKK 4.0 billion from February 8, 2024, through January 31, 2025. The execution of this plan will occur in several tranches, with the first tranche of DKK 1.3 billion already completed by June 11, 2024. The second tranche, also worth DKK 1.3 billion, began on June 13, 2024, and is expected to wrap up by September 27, 2024. SEB has been designated as the sole lead manager for these transactions.
Recent Buyback Activities
Several transactions have already taken place under this programme, resulting in notable buyback activity. To date, a total of 1,883,891 shares have been repurchased, amounting to a transaction value of DKK 2,046,688,925.
Overview of Share Repurchases
Here are some significant recent transactions that highlight the scale of the buyback effort:
- 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, an additional 12,574 shares were repurchased, resulting in a transaction value of 14,026,297 DKK.
- On August 21, 2024, 16,637 shares were acquired at an average price of 1,115.56 DKK, totaling 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 latest 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 now holds a total of 1,849,690 treasury shares, representing approximately 2.3% of the company’s share capital.
About Pandora
Pandora is recognized as the largest jewellery brand globally, known for designing, manufacturing, and marketing hand-finished jewellery made from high-quality materials at accessible prices. The brand operates in over 100 countries, with approximately 6,700 points of sale, including more than 2,600 concept stores.
Headquartered in Copenhagen, Denmark, Pandora employs around 33,000 people worldwide and has three distinct jewellery production facilities in Thailand. The company is committed to leading sustainability initiatives in the industry, currently utilizing recycled silver and gold in its jewellery. Furthermore, Pandora aims to cut its greenhouse gas emissions by 50% across its value chain by 2030. In 2023, Pandora reported impressive revenue of DKK 28.1 billion (approximately EUR 3.8 billion).
Contact Information
If you have any 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.
