Overview of Pandora's Share Buyback Program
On February 7, 2024, Pandora announced a new share buyback program, as detailed in Company announcement no. 843. This initiative is in accordance with Regulation (EU) No 596/2014 from the European Parliament and the Council regarding market abuse.
Purpose and Execution of the Program
The main objective of this buyback program is to reduce Pandora’s share capital and meet obligations stemming from the company's incentive schemes. Under this program, Pandora plans to repurchase shares worth up to DKK 4.0 billion, starting from February 8, 2024, and concluding no later than January 31, 2025. The first phase involved a buyback of DKK 1.3 billion, which was completed on June 11, 2024. The second phase, also capped at 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 this upcoming phase.
Details of Share Transactions
Here’s a summary of the transactions conducted under the share buyback program:
- Accumulated under the program: 1,805,450 shares with a total transaction value of 1,963,968,416 DKK
- 12 August 2024: 16,553 shares at an average price of 1,039.27 DKK, totaling 17,203,036 DKK
- 13 August 2024: 8,467 shares at 1,043.53 DKK, totaling 8,835,608 DKK
- 14 August 2024: 25,000 shares at 1,064.24 DKK, totaling 26,606,058 DKK
- 15 August 2024: 15,171 shares at 1,051.90 DKK, totaling 15,958,346 DKK
- 16 August 2024: 13,250 shares at 1,065.47 DKK, totaling 14,117,461 DKK
- Updated accumulated under the program: 1,883,891 shares with a transaction value of 2,046,688,925 DKK
Thanks to these transactions, Pandora now holds a total of 1,780,810 treasury shares, which accounts for about 2.2% of the company's overall share capital.
Regulatory Compliance and Reporting
In adherence to Regulation (EU) No 596/2014, all transactions related to the share buyback program are meticulously documented in a detailed spreadsheet linked to this company announcement.
About Pandora
Pandora is recognized as the world's leading jewellery brand, specializing in the design, manufacturing, and marketing of high-quality, intricately crafted jewellery that remains affordable. The company operates in over 100 countries, with more than 6,700 points of sale, including around 2,600 concept stores, establishing a strong global presence.
Headquartered in Copenhagen, Denmark, Pandora employs around 33,000 people globally and produces its jewellery in three facilities located in Thailand. The company is committed to sustainability, utilizing recycled silver and gold in its products and aiming to reduce greenhouse gas emissions by 50% across its operations by 2030. In 2023, Pandora reported a revenue of DKK 28.1 billion (approximately EUR 3.8 billion), highlighting its solid market position.
Contact Information
For inquiries, please contact:
- 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 is designed to lower Pandora's share capital and meet commitments related to the company's incentive programs.
2. How much is Pandora planning to spend on the buyback program?
Pandora intends to repurchase shares for a total 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, while the second phase is set to begin 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?
As a result of the recent transactions, Pandora's total treasury shares have increased to 1,780,810, which represents 2.2% of the company's share capital.
