GN Store Nord A/S
Changes in company's own shares GN Store Nord initiates share buyback program of DKK 1.3 billion

Copenhagen, 2012-01-13 16:19 CET (GLOBE NEWSWIRE) -- As announced on January 12, 2012 a settlement has been reached in the TPSA/DPTG dispute. According to the settlement, GN Store Nord will receive around DKK 3,060 million. GN now intends to buy back shares amounting to DKK 1.3 billion.

Acting under the current share buyback authorization, a Safe Harbour program of DKK 1.3 billion will be initiated today and end no later than December 31, 2012. The current authorization allows GN to acquire up to 15% of its shares. Contingent upon granted authorization at the Annual General Meeting in March 2012, the share buyback program will continue thereafter.

The purpose of the program is to reduce the company's share capital. At the initiation of the share buyback program, GN holds 15,385,501 own shares corresponding to 7.4% of the total share capital.

The share buyback program is being implemented in accordance with the provisions of the European Commission's regulation no. 2273/2003 of December 22, 2003, also referred to as the Safe Harbour rules, which protects listed companies against violation of insider legislation in connection with share buybacks.GN has appointed Nordea Markets as lead manager of the program. Nordea Markets will, under a separate agreement with GN, buy back shares on behalf of GN within the timeframe set out in this announcement and make trading decisions in respect of GN shares independently of and without influence from GN.

The following guidelines will apply to GN's share buyback program:

  • The trading volume of own shares is limited to a total value of DKK 1.3 billion. E.g.: At a price of DKK 60 per share, the maximum number of shares that may be repurchased is 21.7 million, which is equivalent to approximately 10% of GN's share capital.
  • The maximum number of shares that can be bought back in one single trading day is 25% of the average daily trading volume of GN shares in the 20 preceding trading days before the time of the repurchase.
  • Shares cannot be purchased at a price higher than the two following prices:
    • The share price of the latest independent trade
    • The price of the highest current independent bid on the shares on NASDAQ OMX Copenhagen 

GN will announce the number and value of repurchased shares on a weekly basis in an announcement to NASDAQ OMX Copenhagen. GN may at any time stop the share buyback program, which in that case also will be announced in an announcement to NASDAQ OMX Copenhagen.

For further information, please contact:

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