Pandora's Share Buyback Program: Latest Transactions and Impact
Overview of Pandora's Share Buyback Program
On February 7, 2024, Pandora revealed a new share buyback initiative, as indicated in Company announcement no. 843. This program is being carried out in alignment with Regulation (EU) No 596/2014 of the European Parliament and the Council on market abuse.
Purpose and Execution of the Program
The primary goal of this buyback program is to decrease Pandora’s share capital and fulfill commitments that arise from the company's incentive schemes. The program will allow Pandora to repurchase shares totaling a maximum of DKK 4.0 billion, commencing from February 8, 2024, and concluding no later than January 31, 2025. The first phase involved a buyback of DKK 1.3 billion, completed on June 11, 2024. Following this, the second phase, also up to DKK 1.3 billion, started on June 13, 2024, and is set to finish by September 27, 2024. SEB has been appointed as the sole lead manager for this upcoming tranche.
Details of Share Transactions
Below is a summary of transactions performed under the share buyback program:
- Accumulated under the program: 1,805,450 shares for a total transaction value of 1,963,968,416 DKK
- 12 August 2024: 16,553 shares at an average purchase price of 1,039.27 DKK, value 17,203,036 DKK
- 13 August 2024: 8,467 shares at 1,043.53 DKK, value 8,835,608 DKK
- 14 August 2024: 25,000 shares at 1,064.24 DKK, value 26,606,058 DKK
- 15 August 2024: 15,171 shares at 1,051.90 DKK, value 15,958,346 DKK
- 16 August 2024: 13,250 shares at 1,065.47 DKK, value 14,117,461 DKK
- Updated accumulated under the program: 1,883,891 shares for a transaction value of 2,046,688,925 DKK
As a result of these share transactions, Pandora now has a total of 1,780,810 treasury shares, which represents approximately 2.2% of the company's total share capital.
Regulatory Compliance and Reporting
In compliance with Regulation (EU) No 596/2014, all transactions associated with the share buyback program are detailed in a comprehensive spreadsheet linked to this company announcement.
About Pandora
Pandora is recognized as the leading jewellery brand globally. The company specializes in the design, manufacture, and marketing of meticulously crafted jewellery made from high-quality materials yet remains accessible in price. With a presence in more than 100 countries through over 6,700 points of sale, including around 2,600 concept stores, Pandora has established a robust global footprint.
Headquartered in Copenhagen, Denmark, Pandora employs approximately 33,000 individuals worldwide and produces its jewellery in three facilities located in Thailand. The company is dedicated to sustainable practices, using recycled silver and gold across its product lines and aiming to halve greenhouse gas emissions throughout its operations by 2030. In 2023, Pandora reported a revenue of DKK 28.1 billion (approximately EUR 3.8 billion), reflecting its strong market position.
Contact Information
For inquiries, 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
1. What is the purpose of Pandora's share buyback program?
The share buyback program aims to reduce Pandora's share capital and fulfill obligations arising from the company's incentive programs.
2. How much is Pandora planning to spend on the buyback program?
Pandora is set to repurchase shares for an aggregate maximum amount of DKK 4.0 billion.
3. What are the dates for the share buyback program phases?
The first phase ran from February 8, 2024, to June 11, 2024, and the second phase is scheduled to start on June 13, 2024, and conclude by September 27, 2024.
4. Who is managing the second tranche of the buyback program?
SEB has been appointed as the sole lead manager for the second tranche of the buyback program.
5. What impact does the buyback program have on Pandora's treasury shares?
Pandora's recent transactions have increased its total treasury shares to 1,780,810, which corresponds to 2.2% of the company's share capital.
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