Skip to main content

Tryg – Launch of share buyback programme

Written by Customer Service on . Posted in Public Companies.

 

Today, Tryg A/S (“Tryg”) announces that the Board of Directors has decided to initiate a share buyback programme of up to DKK 1.0 billion.

The share buyback programme is launched with reference to the authorisation to acquire treasury shares granted by the general meeting on 30 March 2023. The authorisation is valid until 31 December 2024 and allows Tryg to acquire shares with a total nominal value of up to DKK 317,417,490 corresponding to app. 10 % of its share capital. The share buyback programme will start on 16 October 2023 and end no later than 31 January 2024.

The share buyback programme will be executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provisions of Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the “Safe Harbour Regulation”).

Johan Kirstein Brammer, Group CEO at Tryg, says:
“We are happy to announce the launch of an extraordinary share buyback programme of DKK 1bn, reflecting a strong solvency position helped by robust organic capital generation. In the current macroeconomic environment and considering capital markets development in the last 18 months, we consider returning capital to shareholders via a buyback programme as the optimal choice”.

Tryg has appointed Danske Bank A/S as lead manager of the share buyback programme. Under a separate agreement, Danske Bank A/S will within the announced limits buy back shares on behalf of Tryg and make related trading decisions independently of and without influence by Tryg.

The share buyback programme will be implemented under the following terms:                        

  • The maximum total consideration for shares bought back will be DKK 1.0 billion
  • The maximum number of shares to be bought back will be 15,000,000
  • The maximum number of shares that may be purchased per daily market session may not exceed 25% of the average daily volume of Tryg’s shares traded on Nasdaq Copenhagen during the preceding 20 trading days
  • Shares cannot be bought back at a price exceeding the higher of (i) the share price of the last independent transaction on Nasdaq Copenhagen A/S, and (ii) the highest independent bid on the shares on Nasdaq Copenhagen A/S.
  • On a weekly basis, Tryg will announce transactions made under the share buyback programme in accordance with the reporting obligations imposed by the Safe Harbour Regulation.
  • The shares will be acquired through public trading on Nasdaq Copenhagen.

As described above, the purpose of the program is to return excess capital to the shareholders of Tryg ultimately through cancellation of shares repurchased.

Tryg may terminate the programme at any time, which will be announced through Nasdaq Copenhagen A/S, if relevant.

Prior to the launch of the share buyback programme, Tryg holds 12,526,551 treasury shares corresponding to 2.013% of the total share capital.

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.