The PANDORA story 2014•5
A proposal will be presented to theAnnual General
Meeting to reduce PANDORA’s share capital byDKK
5,818,651by cancelling 5,818,651 treasury shares held by
theCompany.
In 2015, an additional share buyback programmewill
be launched, under which PANDORA expects to buy
back own shares to amaximum considerationof DKK
3,900million.The programmewill end no later than 31
December 2015.
The full share buyback programme is subject to the
approval of an extension of the current authorisation to
acquire own shares onbehalf of theCompany at theAnnual
GeneralMeeting on 18March2015. PANDORA has
bought back own shares corresponding to 7.2% of the share
capital under the current authorisation, which allows the
Company to acquire own shareswith a total nominal value
of up to10% of its share capital.
SHARE BUYBACK PROGRAMME
In the 2013Annual Report, PANDORA announced its
intention tobuy back own shares of up toDKK 2,400
million during 2014 in a share buyback programme.
At 31December 2014, a total of 5,875,257 shares had
been bought back, corresponding to a purchase price of
DKK 2,400million and an average purchase price of DKK
408.5. At 31December 2014, PANDORAowned a total
of 7,216,058 treasury shares, corresponding to 5.6% of the
share capital.
The purpose of the share buyback programme is to
reduce PANDORA’s share capital, to adjust the capital
structure in accordancewith theCompany’s policy on
capital structure and tomeet obligations arising from
employee share option programmes. At 31December
2014, the total potential obligation amounted to 1,382,800
shares due to the annual allocation under theCompany’s
employee share option programme.
