On 25 January 2011, NORDEN initiated a share buyback programme, cf. announcement no. 3 of 25 January 2011. Under the programme, NORDEN would purchase treasury shares at a total value of up to DKK 170 million in the period from 25 January 2011 to 31 March 2011 in compliance with Commission Regulation no. 2273/2003 (the “Safe Harbour” method).
NORDEN’s accumulated share buyback from 25 January to 31 March 2011 amounted to 906,800 shares at a total cost of DKK 170 million.
The announced share buyback programme has thus been completed. The purpose of the share buyback was to propose that the shares be cancelled, and a proposal has been made to the annual general meeting to be held on 11 April 2011 that a total of 1.6 million shares be cancelled.
At 31 March 2011, NORDEN holds a total of 3,394,496 treasury shares, corresponding to 7.61% of the aggregate number of issued shares of 44,600,000. The latest announcement was made on 28 March 2011, when it was reported that NORDEN held 7.56% of the Company’s share capital.