Ringkjøbing Landbobank Share Buyback Programme - Week 35
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Share Buyback Programme Overview
The share buyback programme commenced on 1 February 2024 and will continue until 27 January 2025. The programme was divided into two parts, with Part I successfully completed on 27 June 2024. Part I involved a buyback of shares worth DKK 750 million. Part II began on 28 June 2024 and aims to repurchase shares worth DKK 775 million, with a cap of 1,550,000 shares. The programme operates within the framework set by EU regulations, ensuring compliance and transparency. The bank continues to execute the buyback programme as planned, purchasing shares in regular intervals to meet the outlined targets.
Part I Completion and Details
Part I of the share buyback programme was completed on 27 June 2024. It involved the repurchase of 631,900 shares at an average price of DKK 1,186.82. The total cost of the repurchased shares under Part I amounted to DKK 749,953,400. This completion marks a significant milestone in the bank’s share buyback strategy, reflecting its commitment to returning value to shareholders.
Part II Execution Timeline and Objectives
Part II of the programme started on 28 June 2024 and will run until 27 January 2025. It is set to repurchase up to 1,550,000 shares, aiming to spend DKK 775 million. The average purchase price and the total number of shares repurchased are tracked weekly, ensuring transparency and adherence to the set objectives. The bank is steadily progressing towards its target, with cumulative totals updated regularly.
Compliance with EU Regulations
The share buyback programme adheres strictly to EU regulations, specifically the Safe Harbour rules. These regulations are designed to protect against market abuse and ensure that share repurchases are conducted fairly. The bank's compliance with these rules underscores its commitment to maintaining high standards of corporate governance. The Safe Harbour framework provides guidelines that the bank follows to ensure its transactions are lawful and transparent. By adhering to these regulations, the bank demonstrates its dedication to ethical business practices.
Safe Harbour Rules Explanation
The Safe Harbour rules are part of the EU’s regulatory framework aimed at preventing market manipulation. They set clear guidelines for companies conducting share buybacks to ensure fairness and transparency. These rules help maintain market integrity by providing a structured approach to share repurchases, which the bank follows diligently.
Relevant EU Commission Regulations
The bank's share buyback programme complies with EU Commission Regulation No. 596/2014 and Delegated Regulation No. 2016/1052. These regulations establish the legal framework for share repurchases under the Safe Harbour rules. By adhering to these regulations, the bank ensures that its share buyback activities are conducted legally and ethically, in line with EU standards.
Recent Transactions Under the Programme
During Week 35, the bank continued its share repurchase activities, purchasing a total of 24,000 shares. The average purchase price for these shares ranged between DKK 1,098.60 and DKK 1,113.83. These transactions contribute to the ongoing progress of Part II of the share buyback programme. The bank tracks these purchases closely, ensuring that they align with the overall objectives set for the programme. The cumulative totals are updated to reflect these transactions, providing a clear picture of the bank's progress. The continued execution of these transactions underscores the bank's commitment to its share buyback strategy.
Transactions for Week 35 Overview
In Week 35, the bank purchased 24,000 shares under the buyback programme. The total value of these purchases amounted to DKK 26,524,249. These transactions were conducted in compliance with the EU regulations governing the share buyback programme, ensuring transparency.
Cumulative Share Buyback Totals
As of the end of Week 35, the bank has repurchased a total of 853,807 shares under the entire buyback programme. The cumulative value of these shares is DKK 1,003,909,226. This total reflects the bank's commitment to returning value to its shareholders through a structured and compliant buyback programme.
Current Ownership and Impact
The bank currently holds 853,807 of its own shares, acquired through the ongoing share buyback programme. This represents 3.2% of the bank’s total share capital. The accumulation of these shares reflects the bank's strategy to manage its capital structure effectively. By repurchasing its shares, the bank aims to enhance shareholder value and optimize its financial position. The current ownership level is regularly updated as the buyback programme progresses. This ongoing accumulation of shares highlights the bank's commitment to its shareholders and its strategic financial management.
Bank’s Ownership of Repurchased Shares
The bank’s current ownership of repurchased shares stands at 853,807 shares. These shares are held separately from the bank’s trading portfolio and investments made on behalf of customers. The accumulation of these shares is a direct result of the ongoing share buyback programme.
Percentage of Share Capital Held by Bank
The 853,807 repurchased shares represent 3.2% of the bank’s total share capital. This percentage reflects the impact of the share buyback programme on the bank's capital structure. The ongoing repurchase of shares continues to increase the bank's ownership stake, reinforcing its financial strategy.
Frequently Asked Questions
What is the purpose of Ringkjøbing Landbobank's share buyback programme?
The share buyback programme is designed to manage the bank’s capital structure effectively and return value to its shareholders. By repurchasing its shares, the bank reduces the number of outstanding shares, which can increase the value of remaining shares and improve financial ratios. The programme also reflects the bank's confidence in its financial health and future prospects.
How long will the share buyback programme run?
The share buyback programme runs from 1 February 2024 to 27 January 2025. It is divided into two parts, with Part I completed in June 2024 and Part II continuing until the end of the programme. The bank regularly updates shareholders on the progress of the buyback, including the number of shares purchased and the total amount spent.
How many shares has the bank repurchased so far?
As of the end of Week 35, Ringkjøbing Landbobank has repurchased a total of 853,807 shares. These shares were bought back under both Part I and Part II of the programme. This total represents 3.2% of the bank’s total share capital, reflecting the bank's ongoing efforts to manage its shareholding effectively.
What regulations govern the share buyback programme?
The share buyback programme is governed by EU Commission Regulation No. 596/2014 and Delegated Regulation No. 2016/1052. These regulations, commonly referred to as the Safe Harbour rules, ensure that share repurchases are conducted in a fair, transparent, and legal manner. The bank adheres to these rules to prevent market abuse and maintain market integrity.
How does the share buyback programme impact shareholders?
The share buyback programme can positively impact shareholders by potentially increasing the value of their shares as the total number of outstanding shares decreases. It also signals the bank’s confidence in its financial position and long-term strategy. Additionally, the programme may lead to improved financial metrics, which can be beneficial for the bank’s stock performance in the market.
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