COPENHAGEN - Ringkjøbing Landbobank has made further progress in its ongoing share buyback program, according to a recent press release. The Danish bank's program, which began on February 1, 2024, is divided into two parts and is set to conclude by January 27, 2025.
The first part of the program, amounting to DKK 750 million, was completed by June 27, 2024. The second part, involving DKK 775 million and up to 1,550,000 shares, started on June 28, 2024, and will continue until the end of the program period.
During the third week of the program, the bank purchased shares at an average price of DKK 1,132.41, totaling DKK 746,491,960. This brings the total number of shares bought back under the second part of the program to 659,207. Combined with the first part, Ringkjøbing Landbobank has acquired 1,291,107 shares, which corresponds to 4.8% of its share capital.
The transactions have been conducted under the EU Commission Regulation No. 596/2014 and the EU Commission Delegated Regulation No. 2016/1052, known as the "Safe Harbour" rules.
The share buyback program is part of the bank's capital allocation strategy and reflects its commitment to returning value to shareholders. It also indicates the bank's confidence in its financial stability and future prospects.
The detailed transactions have been disclosed in accordance with the regulations, providing transparency to investors and the market. Ringkjøbing Landbobank's approach to capital distribution is closely monitored by investors as it may influence the bank's share price and overall market valuation.
The information provided in this article is based on a press release statement from Ringkjøbing Landbobank.
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