Sampo to deploy EUR 800 million of capital through a new share buyback programme and potential squeeze-out of Topdanmark minority shares
2024年6月17日 - 3:00PM
Sampo to deploy EUR 800 million of capital through a new share
buyback programme and potential squeeze-out of Topdanmark minority
shares
SAMPO
PLC
STOCK EXCHANGE
RELEASE
17 June 2024 at 9:00 am
Sampo to deploy EUR 800 million of capital through a new
share buyback programme and potential squeeze-out of Topdanmark
minority shares
In line with Sampo Group’s commitment to capital efficiency, and
to offset share count dilution from the recommended public exchange
offer to Topdanmark shareholders announced earlier today, the Board
of Sampo has resolved to deploy EUR 800 million of capital through
a new share buyback programme and potential squeeze-out of
Topdanmark minority shares.
The capital deployment is divided into two parts: As the first
step, Sampo will launch a share buyback programme of EUR 400
million. In the second step, Sampo will deploy the remaining EUR
400 million through further buybacks and the potential squeeze-out,
with the amount of the additional buybacks equaling EUR 400 million
less the funds used for the squeeze-out of Topdanmark minority
shares. The second part will commence no earlier than on completion
of the potential squeeze-out.
The aggregate purchase price of the Sampo A shares acquired
under the first step of the share buyback programme shall not
exceed EUR 400 million and maximum number of shares that can be
repurchased is 20 million, corresponding to 4 per cent of the total
number of shares in Sampo. The buyback programme will start at the
earliest on 18 June 2024 and end no later than 31 October 2024.
The purchase price per share shall be no more than the highest
price paid for the company’s shares in public trading on the day of
the repurchase or the offer to repurchase the company’s own shares,
or alternatively, the average of the share prices (volume weighted
average price on the regulated markets where the company’s share is
admitted to trading) during the five trading days preceding the
repurchase or the offer to repurchase the company’s own shares. The
lowest purchase price per share shall be the price that is 20 per
cent lower than the lowest price paid for the company’s shares in
public trading during the validity of this authorisation until the
repurchase or the offer to repurchase the company’s own shares. The
shares will be acquired through public trading on Nasdaq Helsinki,
CBOE, Turquoise and Aquis. In addition to the shares repurchased in
public trading, shares may, subject to certain conditions, be
acquired in accelerated bookbuilds (ABB) should such be
arranged.
The repurchases in public trading will be made in accordance
with the safe harbour arrangement of Article 5 of the EU Market
Abuse Regulation. Sampo has appointed Morgan Stanley as the lead
manager for the share buyback programme. The lead manager will make
trading decisions independently of and without influence from
Sampo, within the announced limits.
The repurchases will be carried out by using funds in the
unrestricted shareholders’ equity. The repurchased shares will be
cancelled. The buyback programme is based on the authorisation
granted by the Annual General Meeting held on 25 April 2024. The
parameters of the second part of capital deployment shall be
determined on completion of the potential squeeze-out of Topdanmark
shares.
SAMPO PLC Investor Relations and Group Communications
For further information, please contact: Sami
Taipalus Head of Investor Relations tel. +358 10 516 0030
Maria Silander Communications Manager, Media Relations
tel. +358 10 516 0031
Distribution: Nasdaq Helsinki Nasdaq Stockholm London
Stock Exchange The principal media FIN-FSA www.sampo.com