Scandinavian Tobacco Group A/S: Launch of Share Buy-back Programme to Hedge Incentive Scheme Obligations
(Thomson Reuters ONE) -
COMPANY ANNOUNCEMENT
No. 22/2016
Copenhagen, 30 May 2016
Launch of Share Buy-back Programme to Hedge Incentive Scheme Obligations
The Board of Directors of Scandinavian Tobacco Group A/S ("STG") has decided to
initiate a share buy-back programme of up to 412,462 shares, with the purpose of
hedging obligations arising from STG's share based incentive schemes.
The share buy-back programme is initiated pursuant to the authorisation granted
to the Board of Directors in the company's articles of association which allows
for STG's acquisition of its own shares up to a maximum amount of nominally DKK
10m. The share buy-back programme will be established and structured in
accordance with Commission Regulation (EC) no 2273/2003 of 22 December 2003 and
from 3 July 2016 in accordance with Article 5 of Regulation (EU) no 596/2014 of
16 April 2014 (the so-called Safe Harbour method).
The maximum total share buy-back in the period will amount to 412,462 shares
(0.4% of the share capital), and the total consideration is maximized at DKK
55m. At the time of this announcement, STG holds no treasury shares.
STG has appointed Nordea Bank Danmark A/S ("Nordea") as lead manager for the
programme. Nordea will make all trading decisions independently of and without
involving STG. The maximum number of shares bought back on each trading day will
not exceed 25% of the average daily volume of STG shares traded on Nasdaq
Copenhagen during the preceding 20 trading days. No shares may be bought back at
a price exceeding the higher of (i) the share price of the latest independent
trade and (ii) the current highest independent bid at Nasdaq Copenhagen.
The share buy-back programme will be initiated on 30 May 2016 and end no later
than 30 September 2016. STG may terminate the programme at any time. In the
event such decision is taken, STG shall announce it via Nasdaq Copenhagen, and
Nordea shall consequently no longer be entitled to buy shares on behalf of STG.
STG will report on trade activity under the share buy-back in weekly company
announcements.
For further information, please contact:
For media enquiries:
Kaspar Bach Habersaat, Director of Group Communications, phone: +45 7220 7152
or kaspar.bach(at)st-group.com.
For investor enquiries:
Torben Sand, Head of Investor Relations, phone: +45 7220 7126 or torben.sand(at)st-
group.com.
About Scandinavian Tobacco Group
Scandinavian Tobacco Group A/S with its subsidiaries (the "Group") is a world
leading producer of cigars and traditional pipe tobacco. The Group also produces
fine-cut tobacco and sells tobacco-related accessories. The Group produces and
sells 3 billion cigars and 5,000 tonnes of pipe and fine-cut tobacco annually.
Scandinavian Tobacco Group believes it is the only company globally with a core
strategic focus on production and distribution in all of these tobacco
categories.
Scandinavian Tobacco Group holds market-leading positions in the machine-made
cigar market in Europe, the handmade cigar market in the US, the online and
catalogue retail sales of cigars in the US, the traditional pipe tobacco market
globally and in selected fine-cut tobacco markets.
Scandinavian Tobacco Group has a diversified portfolio of more than 200 brands
providing a complementary range of established global brands and local
champions. In the cigar segment, the brand portfolio comprises Café Crème, La
Paz, Macanudo, CAO, Partagas (US) and Cohiba (US). Pipe tobacco brands include
Captain Black, Erinmore, Borkum Riff and W.Ø. Larsen, while leading fine-cut
tobacco brands include Bugler, Break, Escort, Bali Shag and Tiedemanns.
As at 31 December 2015, the Group employed approx. 8,100 people in the Dominican
Republic, Honduras, Nicaragua, Indonesia, Europe, New Zealand, Australia, Canada
and the US.
For more information please visit www.st-group.com.
Scandinavian Tobacco Group - Share buy-back programme to hedge:
http://hugin.info/171738/R/2016384/747813.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: Scandinavian Tobacco Group A/S via GlobeNewswire
[HUG#2016384]
Unternehmensinformation / Kurzprofil:
Datum: 30.05.2016 - 08:02 Uhr
Sprache: Deutsch
News-ID 474283
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