A.P. Møller - Mærsk A/S initiates first phase of share buy-back program
A.P. Møller - Mærsk A/S has decided to initiate a share buy-back program of DKK 5.6bn (equivalent to approximately USD 1bn) to be executed during a 12 months period.
The buy-back program will be executed under EU Commission Regulation no. 2273/2003 of 22 December 2003 (the "Safe Harbour Regulation") which ensures that the Company, its Board of Directors and its Executive Board, are protected against violation of insider legislation during the share buy-back period.
The share buy-back program is initiated pursuant to the authorisation granted to the Board of Directors by the Annual General Meeting in 2011, which entitled the Company to acquire treasury shares at a nominal value not exceeding 10% of the share capital at the market price applicable at the time of acquisition with a deviation of up to 10%.
The first phase of the program will run from 1 September 2014 to 30 November 2014. The shares to be acquired will be limited to a total market value of DKK 2,280 mill. (equivalent to approximately USD 400 mill). A maximum of 50,000 A shares and 200,000 B shares can be acquired in the first phase of the buy-back program.
The Company has appointed Nordea as lead manager for the first phase of the share buy-back. Nordea will make own trading decisions independently of and without influence from the Company and within the announced limits.
Prior to the share buy-back, the Company holds 108,865 B shares, equal to 0.5% of the share capital.