COPENHAGEN - Ringkjøbing Landbobank has reported the latest transactions under its current share buyback program, which is part of a scheme running from February 1, 2024, to January 27, 2025. The bank announced on January 31, 2024, the initiation of the program, which was divided into two parts. Part I, amounting to DKK 750 million, was completed by June 27, 2024, as per the announcement made on the following day.
Part II of the program, aimed at acquiring shares worth DKK 775 million, is scheduled to run from June 28, 2024, to January 27, 2025. During the week, the bank purchased shares at an average price of DKK 1,118.15, totaling DKK 589,610,153 under part II of the program. This brings the aggregate total bought back to 1,159,207 shares at an average price of DKK 1,155.59, amounting to DKK 1,339,563,553.
As a result of these transactions, Ringkjøbing Landbobank now holds approximately 4.3% of its own shares, excluding shares in the bank's trading portfolio and investments on behalf of customers. The buyback program is conducted under the EU Commission Regulation No. 596/2014 and the EU Commission Delegated Regulation No. 2016/1052, known as the "Safe Harbour" rules, which allow the bank to repurchase its own shares within certain parameters to prevent market abuse.
The detailed transactions of the buyback program have been made public in accordance with the regulations. This strategic move by the bank reflects a common practice among companies to return value to shareholders and potentially boost the stock's value by reducing the number of shares outstanding.
The information disclosed is based on a press release statement from Ringkjøbing Landbobank.
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