DNB ASA initiating a new share buy-back programme

In order to enable an optimal level of capital in the company, DNB ASA has decided to initiate a new share buy-back programme. The buy-back programme comprises up to 1.5% of DNB ASA’s shares calculated after completion of the capital reduction resolved in connection with the share buy-back carried prior to the annual general meeting in 2018, which represents a total of approximately 24.1 million shares.

The share buy-back programme will be carried out on the basis of an authorization given by DNB ASA’s annual general meeting on 24 April 2018 and an approval given by the Financial Supervisory Authority of Norway on 4 June 2018. The general meeting authorized DNB ASA to repurchase up to 3.5% of its registered shares, calculated on the basis of the company’s share capital after completion of the resolved capital reduction. DNB ASA may at a later stage, based on the authorization from the general meeting and the approval from the Financial Supervisory Authority of Norway, decide to initiate further share buy-back programmes of up to 0.5% of its registered shares. Additional buy-back programmes, up to the maximum limit of 3.5%, may be carried out subject to the approval of the Financial Supervisory Authority of Norway.. 

Up to approximately 15.9 million of the shares comprised by the share buy-back programme may be repurchased in the open market. In addition, a proportionate amount of up to approximately 8.2 million of the shares owned by the state of Norway through the Ministry of Trade, Industry and Fisheries will be redeemed, in accordance with an agreement between DNB ASA and the state of Norway. The redemption of the shares owned by the state of Norway is subject to approval from DNB ASA’s annual general meeting in 2019. According to the agreement, the state of Norway shall redeem shares on a proportionate basis so that its current ownership interest in DNB ASA of 34.00% remains unaffected following completion of the buy-back programme.  

DNB ASA will seek approval from the annual general meeting in 2019 for cancellation of the repurchased shares and a corresponding redemption of the proportionate number of shares owned by the state of Norway. The redemption of the shares owned by the state of Norway shall be made against a payment which shall correspond to an average volume weighted price of DNB ASA’s repurchase of shares in the open market as a part of the buy-back programme, including an interest compensation and an agreed adjustment for dividend paid on the redemption shares in the buy-back period (if any).

For further information, DNB ASA refers to the minutes from DNB ASA’s annual general meeting of 24 April 2018, available at www.dnb.no. 

For further information, please contact:

Rune Helland, head of Investor Relations, tel. ( 47) 23 26 84 00 / ( 47) 977 13 250

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.