Skip to main content

Scandinavian Tobacco Group A/S: Initiation of new share buy-back programme of up to DKK 700 million

Written by Customer Service on . Posted in Public Companies.

Company Announcement
No. 16/2022

 

Copenhagen, 9 March 2022

Initiation of new share buy-back programme of up to DKK 700 million

The Board of Directors of Scandinavian Tobacco Group A/S has decided to initiate a new share buy-back programme of up to DKK 700 million.

The purpose of the share buy-back programme is to adjust the Group’s capital structure and meet obligations relating to the Group’s share-based incentive programme. The Board of Directors intends to propose to the annual general meeting in 2023 that the shares acquired under the programme, that are not needed to meet the Group’s obligations under the incentive programme, be cancelled.

The share buy-back programme will run from 10 March 2022 to 28 February 2023 at the latest. The Company may terminate the programme at any time. Scandinavian Tobacco Group will buy its own shares up to an aggregated price of DKK 700 million in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (the “Market Abuse Regulation”) and Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules.

The programme is initiated based on the Company’s articles of association which currently authorise the Company to acquire up to nominally DKK 9.75 million own shares. Prior to the share buy-back, Scandinavian Tobacco Group holds a total of 5,204,812 treasury shares, corresponding to 5.34% of the current total share capital.

At the general meeting of the Company to take place on 31 March 2022, the Board of Directors will propose that the Company’s share capital is reduced from nominally DKK 97.5 million to DKK 93.0 million on account of treasury shares acquired by the Company under the share buy-back programme announced on 10 March 2021.  

Assuming the proposal concerning reduction of the share capital will be adopted, the Company may under the programme repurchase a total of up to 8,595,188 shares, corresponding to 9.24% of the share capital after the proposed reduction, at an aggregate purchase price of up to DKK 700 million. The Company will issue an update on the number of shares that may be acquired under the buy-back programme following the general meeting on 31 March 2022. 

Scandinavian Tobacco Group has appointed Nordea Danmark, Filial af Nordea Bank Abp, Finland (“Nordea”) as lead manager for the share buy-back programme. Nordea will make its own trading decisions independently of and without influence from Scandinavian Tobacco Group and execute the buy-back within the announced limits.

No shares may be bought at a price exceeding the higher of (i) the price of the last independent trade and (ii) the highest current independent purchase bid on the trading venue where the purchase is carried out.

The maximum number of shares that may be purchased on each business day may not exceed 25% of the average daily trading volume over the last 20 trading days prior to the date of purchase on the trading venue where the purchase is carried out.

Scandinavian Tobacco Group will report on trade activity under the share buy-back programme in weekly company announcements.

For further information, please contact:
Investors: Torben Sand, Head of Investor Relations,
phone: +45 5084 7222 or torben.sand@st-group.com

Media: Simon Mehl Augustesen, Director of Group Communications,
phone: +1 484-379-8725 or simon.augustesen@st-group.com

Attachment

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.