AP Møller - Mærsk A/S initiates first phase of share buy-back programme

Jun 4, 2019   Supply Chain

As announced on 24 May 2019, A.P. Møller - Mærsk A/S has decided to initiate a share buy-back programme of up to DKK 10 billion ($1.5 billion) and a maximum of 3.12 million shares to be acquired over a period of up to 15 months.

The buy-back programme will be executed under EU Commission Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 (the 'Safe Harbour Regulation') which ensures that A.P. Møller - Mærsk A/S - the Company, its Board of Directors and its Executive Board, are protected against violation of insider legislation during the share buy-back period.

The share buy-back programme is initiated pursuant to the authorisation granted to the Board of Directors by the Annual General Meeting in 2019, which entitled the Company to acquire treasury shares at a nominal value not exceeding 15% of the share capital at the market price applicable at the time of acquisition with a deviation of up to 10%.

The first phase of the programme will run from June 4, 2019, up to 1 November 2019. The shares to be acquired will be limited to a total market value of DKK 3.3 billion. A maximum of 208,168 A shares and 815,739 B shares can be acquired in the first phase of the buy-back programme.

The Company has appointed SEB as lead manager for the first phase of the share buy-back. SEB will make own trading decisions independently of and without influence from the Company and within the announced limits.

Prior to the share buy-back, the Company holds 50,806 B shares, equal to 0.24% of the share capital.

As announced earlier, the purpose of the programme is to adjust the capital structure of the Company and to meet obligations under long-term incentive programmes.

Terms:

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

The maximum number of A and B shares that may be purchased on each trading day may not exceed 20% of the average daily trading volume of A and B shares, respectively, on NASDAQ Copenhagen or other regulated markets, on which the purchase is carried out, over the last 20 trading days prior to the date of purchase.

A and B shares will be acquired in a 20/80 split reflecting the current trading volumes of the two share classes.

The Company will fulfil its reporting obligations by announcing no later than every seventh trading day the purchases made under the share buy-back program.

 

 

 

 

 

 

 

 

 

A.P. Møller Holding A/S has committed to participate in the share buyback program by selling shares relative to its voting rights and relative to its total ownership in the Company. A.P. Møller Holding A/S intends to maintain its ownership of 51.45% of A shares and 41.51% of the total share capital in the Company.
The Company is entitled to suspend or stop the program at any time subject to an announcement to NASDAQ Copenhagen.

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