Nordax’s Board of Directors has decided on acquisition of own shares
The Board of Directors of Nordax has decided to exercise the mandate for acquisitions of own shares that it received from the Annual General Meeting on May 11, 2016.
The purpose of the acquisition of own shares is to enable the company to satisfy obligations as a result of allocations of shares to employees within the scope of the group’s long-term management incentive plans.
Acquisition of own shares shall be made in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the “Market Abuse Regulation”) and will be lead-managed by an investment firm or a credit institution which makes its trading decisions concerning the timing of the acquisitions of the company’s shares independently of the company.
The acquisitions are subject to the following conditions:
- A maximum of 455,000 own shares for a maximum amount of SEK 25,025,000 shall be acquired.
- Acquisitions may only take place on Nasdaq Stockholm at a price within the price interval at any time recorded, which shall refer to the interval between the highest buying price and the lowest selling price.
- Payment for the shares shall be made in cash.
- Acquisitions may take place on one or more occasions during the period from 23 August, 2016 until the 2017 Annual General Meeting.
In line with the communication in connection with the Annual General Meeting in May 2016, 100,000 of the repurchased shares will be allocated to employees within the scope of the long-term management incentive plan 2015 and a maximum of 355,000 the repurchased shares will be allocated to employees within the scope of the long-term management incentive plan 2016. At first the shares for the incentive plan 2015 will be acquired. Acquisition of shares for the incentive plan 2016 will be made when the outcome of the plan has been determined after the year-end report for the financial year 2016 has been published.
The total amount of shares in Nordax Group AB (publ) is 110,945,598. As of this date Nordax does not hold any own shares in treasury. The maximum number of own shares at any time must not exceed 10 per cent of the total number of shares in the company.
For more information, please contact:
Andreas Frid, Head of Investor Relations
Phone: +46 705 290 800
Nordax is a leading niche bank in Northern Europe providing personal loans and deposit accounts to more than 100,000 customers in Sweden, Norway, Finland, Denmark and Germany. Nordax employs about 200 people, all working in its office in Stockholm. The underwriting process is Nordax’s core competency; it is thorough, sound and data driven. Nordax’s customers are financially stable individuals. The typical customer is 49 years old and has an income above the national average. As of June 30, 2016 lending to the general public amounted to SEK 11.8 billion and deposits amounted to SEK 6.3 billion. Nordax has been supervised by the Swedish Financial Supervisory Authority since 2004 and deposits are covered by the Swedish deposit guarantee scheme. Read more on www.nordaxgroup.com. For more information about Nordax’s customer offerings, read more on each country’s web site: www.nordax.se, www.nordax.no, www.nordax.fi and www.nordax.de.
This information is information that Nordax Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 13.00 CET on the 23rd of August 2016.