Bavarian Nordic Launches Share Buy-Back Program to Hedge Incentive Scheme Obligations
(Thomson Reuters ONE) -
COPENHAGEN, Denmark, May 26, 2016 - Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY)
announced today that its Board of Directors has decided to launch a share buy-
back program, under which the Company intends to buy back 11,144 of its own
shares. The purpose of the share buy-back program is to meet the Company's
obligations arising from the share-based incentive program for the Executive
Management. In March 2016, the Board of Directors decided to postpone the
payment of half of the achieved cash bonus for members of the Executive
Management for 3 years, converting the postponed bonus into restricted stock
units to further increase the long-term shared interests between the Executive
Management and the Company's shareholders. See company announcement no. 5 /
2016 for further details.
The share buy-back program is initiated pursuant to the authorization granted at
the annual general meeting on April 20, 2016, according to which the Company is
may purchase up to 10 % of the Company's share capital for the time being.
The share buy-back program will be executed in accordance with the provisions in
European Commission Regulation (EC) No. 2273/2003 of 22 December 2003 (the Safe
Harbour Regulation), which protects listed companies against infringement of
legislation on insider trading in connection to share buy-back programs.
Bavarian Nordic A/S has appointed Nordea Bank Danmark A/S Lead Manager of the
program. Nordea Bank Danmark A/S will buy back shares on behalf of Bavarian
Nordic A/S and make decisions on trading with Bavarian Nordic A/S' shares
independently and without influence of Bavarian Nordic A/S.
The program will be implemented in accordance with the authorization within the
following scope:
* A maximum of 11,144 shares will be bought back under the program.
* The maximum consideration for Bavarian Nordic A/S-shares bought back within
the duration of the program is DKK 4,000,000. However, based on yesterday's
closing price of Bavarian Nordic's share on Nasdaq Copenhagen A/S, the total
consideration is expected to be in the level of DKK 2.9 million.
* The program terminates at the latest on 2 June 2016.
* The maximum number of shares, which shall be purchased per trading day, will
amount at a value of 25% of the average daily volume of shares in the
Company traded on Nasdaq Copenhagen A/S in the preceding 20 trading days.
* The shares cannot be purchased at a market value, which is higher than the
following two market values:
* The market value of the last independent trade.
* The market value of the highest current independent bid on Nasdaq
Copenhagen A/S.
Bavarian Nordic A/S may terminate the program at any time. If the Company
determines to terminate the program, the Company shall give notice hereof.
The Company will when the program has terminated give notice about the
transactions, which are conducted pursuant to the program.
About Bavarian Nordic
Bavarian Nordic is a fully integrated biotechnology company focused on the
development, manufacturing and commercialization of cancer immunotherapies and
vaccines for infectious diseases, based on the Company's live virus vaccine
platform. Through long-standing collaborations, including a collaboration with
the U.S. government, Bavarian Nordic has developed a portfolio of vaccines for
infectious diseases, including the non-replicating smallpox vaccine,
IMVAMUNE(®), which is stockpiled for emergency use by the United States and
other governments. The vaccine is approved in the European Union (under the
trade name IMVANEX(®)) and in Canada. Bavarian Nordic and its partner Janssen
are developing an Ebola vaccine regimen, which has been fast-tracked, with the
backing of worldwide health authorities, and a vaccine for the prevention and
treatment of HPV. Additionally, in collaboration with the National Cancer
Institute, Bavarian Nordic has developed a portfolio of active cancer
immunotherapies, including PROSTVAC(®), which is currently in Phase 3 clinical
development for the treatment of advanced prostate cancer. The company has
partnered with Bristol-Myers Squibb for the potential commercialization of
PROSTVAC. For more information visit www.bavarian-nordic.com or follow us on
Twitter (at)bavariannordic.
Forward-looking statements
This announcement includes forward-looking statements that involve risks,
uncertainties and other factors, many of which are outside of our control, that
could cause actual results to differ materially from the results discussed in
the forward-looking statements. Forward-looking statements include statements
concerning our plans, objectives, goals, future events, performance and/or other
information that is not historical information. All such forward-looking
statements are expressly qualified by these cautionary statements and any other
cautionary statements which may accompany the forward-looking statements. We
undertake no obligation to publicly update or revise forward-looking statements
to reflect subsequent events or circumstances after the date made, except as
required by law.
Contacts
Rolf Sass Sørensen
Vice President Investor Relations (EU)
Tel: +45 61 77 47 43
Seth Lewis
Vice President Investor Relations (US)
Tel: +1 978 341 5271
Company Announcement no. 18 / 2016
2016-18-en:
http://hugin.info/100065/R/2015456/747400.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Bavarian Nordic A/S via GlobeNewswire
[HUG#2015456]
Unternehmensinformation / Kurzprofil:
Datum: 26.05.2016 - 08:00 Uhr
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