COPENHAGEN - Ringkjøbing Landbobank has announced the latest transactions under its current share buyback program, which is part of a larger initiative running from February 1, 2024, to January 27, 2025. The program is divided into two parts, with the first part for DKK 750 million completed on June 27, 2024. The second part of the program, for DKK 775 million, involves the repurchase of up to 1,550,000 shares and is scheduled to run from June 28, 2024, to January 27, 2025.
In the latest week of transactions, from Monday through Friday, the bank acquired a total of 23,200 shares at an average price of DKK 1,155.69. This brings the total number of shares bought back under part II of the program to 550,507, at an average purchase price of DKK 1,119.94, amounting to DKK 616,536,931. Combined with the first part of the program, the bank has now repurchased 1,182,407 shares for a total consideration of DKK 1,366,490,331.
Following these transactions, Ringkjøbing Landbobank holds 1,182,407 shares under the buyback program, corresponding to 4.4% of the bank's share capital. The buyback is conducted in accordance with the "Safe Harbour" rules of EU Commission Regulation No. 596/2014 and EU Commission Delegated Regulation No. 2016/1052.
The bank's CEO, John Fisker (OTC:FSRNQ), has confirmed the details of the transactions, which are part of the bank's effort to return value to shareholders. The detailed summary of the transactions has been made publicly available in accordance with regulatory requirements.
This share buyback program reflects the bank's financial strength and commitment to managing its capital efficiently. It also demonstrates the bank's confidence in its ability to generate capital and return a portion of it to its shareholders while maintaining a solid capital base to support future growth. The information is based on a press release statement.
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