ISS initiates DKK 1 billion share buyback programme
2024年2月22日 - 3:32PM
ISS initiates DKK 1 billion share buyback programme
Company Announcement
Copenhagen, 22 February 2024 No. 4/2023
ISS A/S, a leading workplace experience
and facility management company, today in connection with Company
Announcement no. 2/2024 announces that the Board of Directors has
decided to initiate a share buyback programme, under which ISS will
buy back own shares for a maximum consideration of DKK 1 billion
over a 12-month period from 22 February 2024 to 19 February 2025 at
the latest, both days inclusive.
Through the programme, ISS wishes to
redistribute excess cash to shareholders. The purpose of the share
buy-back programme is to (i) reduce the share capital and (ii) meet
obligations arising from ISS’ share-based incentive programmes.
The share buyback programme is based on an
authorisation to acquire treasury shares granted to the Board of
Directors by the Annual General Meeting allowing for acquisition of
treasury shares with a total nominal value of up to 10% of ISS’
share capital.
The share buyback programme is implemented in
accordance with Regulation (EU) No 596/2014 of the European
Parliament and of the Council of 16 April 2014 (the “Market Abuse
Regulation”) and the Commission Delegated Regulation (EU) 2016/1052
of 8 March 2016, also referred to as the Safe Harbour
Regulation.
The share buyback programme will be launched on
22 February 2024 and will complete no later than 19 February 2025.
The share buyback is expected to be completed in two separate
tranches. The first tranche of up to DKK 500 million will commence
22 February 2024 and complete no later than 9 August 2023. The
second tranche to reach the total amount of up to DKK 1 billion is
expected to commence upon conclusion of the first tranche and
complete 19 February 2025 at the latest. ISS has appointed Nordea
as lead manager of the first tranche to execute the share buyback
programme independently and without influence from ISS.
The programme will be implemented under the
following framework:
- The maximum total consideration for shares bought back in the
period of the programme is DKK 1 billion.
- The maximum number of shares that may be acquired under the
programme is DKK 18 million.
- The maximum number of shares that may be bought in one single
trading day will be the equivalent to no more than 25% of the
average daily volume of ISS’ shares traded on Nasdaq Copenhagen
during the preceding 20 trading days.
- The purchase price paid in connection with acquisition of
treasury shares must not deviate by more than 10% from the price
quoted on Nasdaq Copenhagen at the time of acquisition. The shares
may not be bought at a price exceeding the higher of: (i) the share
price of the last independent transaction on the trading venue
where the purchase is carried out and (ii) the highest independent
purchase bid on the trading venue where the purchase is carried
out.
- ISS may suspend or terminate the programme at any time. Such
decision will be disclosed in a company announcement.
- On a weekly basis ISS will issue an announcement in respect of
transactions made under the programme.
For investor enquiries Jacob Johansen, Head of
Group Investor Relations, +45 21 69 35 91 Kristian Tankred, Senior
Investor Relations Manager, +45 30 67 35 25
For media enquiries Charlotte Holm, Head of
External Communication, +45 41 76 19 89
About ISS
ISS is a leading, global provider of workplace and facility
service solutions. In partnership with customers, ISS drives the
engagement and well-being of people, minimises the impact on the
environment, and protects and maintains property. ISS brings all of
this to life through a unique combination of data, insight and
service excellence at offices, factories, airports, hospitals and
other locations across the globe. ISS has more than 350,000
employees around the globe, who we call “placemakers”. In 2023,
Group revenue was DKK 78.7 billion. For more information on the ISS
Group, visit www.issworld.com.
ISS A/S, ISIN DK0060542181, ISIN US4651472056, ISS
Global A/S, ISIN XS2013618421, ISIN
XS1145526825, ISIN XS1673102734, ISS Finance B.V.,
ISIN XS2199343513
- ISS Announcement - Share buyback
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