DNB ASA is 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 0.5 per cent of DNB ASA's shares, which represents a total of 7 901 506 shares.
The share buy-back programme is based on an authorization given by DNB ASA's annual general meeting on 30 April 2019 and an approval given by the Financial Supervisory Authority of Norway on 27 June 2019. The authorization from the general meeting will be valid for a period of 12 months from the date of the general meeting.
In accordance with the authorization from the general meeting, the shares shall be purchased at a price between NOK 10 and NOK 250 per share. The buy-back programme will, at the latest, be completed by the end of March 2020.
Up to approximately 5.2 million of the shares will be repurchased in the open market. In accordance with an agreement between DNB ASA and the state of Norway through the Ministry of Trade, Industry and Fisheries, a proportionate amount of shares will be redeemed from the state of Norway, so that its current ownership interest in DNB ASA of 34 % remains unaffected following completion of the buy-back programme.
DNB ASA will seek approval from the annual general meeting in 2020 for cancellation of the repurchased shares and redemption of shares owned by the state of Norway. The redemption of shares 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 any dividend paid on the redemption shares in the buy-back period.
For further information, DNB ASA refers to the minutes from DNB ASA's annual general meeting of 30 April 2019, 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.