The Board of Directors of Pandora has decided to launch a share buyback programme, under which Pandora will buy back own shares to a maximum consideration of DKK 2.2 billion in the period 14 March 2019 until 6 March 2020, both days inclusive.
Anders Boyer, CFO of Pandora, says: ”Pandoras business model is highly cash generative and today we initiate a DKK 2.2 billion share buyback programme. Even though we are going through a 2-year transformation programme, we will continue to distribute significant cash to our shareholders through dividends and share buyback programmes.”
The purpose of the programme is to reduce the Company´s share capital and to meet obligations arising from Pandora’s incentive programmes.
The share buyback programme is implemented in accordance with the safe harbour rules in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 (market abuse regulation).
Pandora has appointed Citi and Nordea as lead managers of the programme.
The programme will be implemented under the following framework:
Pandora may terminate the programme at any time.
On a weekly basis Pandora will issue an announcement in respect of transactions made under the programme.
ABOUT PANDORA
Pandora designs, manufactures and markets hand-finished and contemporary jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries on six continents through more than 7,700 points of sale, including more than 2,700 concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, Pandora employs more than 32,000 people worldwide of whom more than 14,000 are located in Thailand, where the Company manufactures its jewellery. Pandora is publicly listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2018, Pandora’s total revenue was DKK 22.8 billion (approximately EUR 3.1 billion).
CONTACT
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