The Board of Directors has decided to carry out a share buy-back of up to a total of USD 10 million (approximately DKK 54 million) until 12 August 2014. This is done in order for NORDEN to continue to be able to meet its obligations in connection with NORDEN’s incentive programme.
The share buy-back programme is initiated pursuant to the authorisation granted to the Board of Directors, which entitles NORDEN 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%. This authorisation was most recently renewed at NORDEN’s general meeting on 23 April 2014.
The programme will be structured in accordance with the EU Commission Regulation no. 2273/2003 (the so-called Safe Harbor method), which ensures that the Company is protected against violation of insider legislation during the share buy-back.