SHAREHOLDER INFORMATION• 45
arising from employee share option programmes issued
in2015.The total obligation for the 2015 programme is
expected to be approximately 170,000 shares.
The share buyback programme is being implemented
in accordancewith the provisions of the European
Commission’s regulation no. 2273/2003of 22December
2003 (‘safe harbour’), which protects listed companies
against violationof insider legislation in connectionwith
share buybacks.
The programmewill end no later than 31December
2015. PANDORAmay terminate the programme at
any time.
SHAREHOLDERS
PANDORAhas nomajor shareholders that hold the
equivalent of ormore than 5% of the share capital in
PANDORA.
As of 31December 2014, PANDORAA/S owned a total
of 7,216,058 treasury shares of nominallyDKK1 (in total
nominallyDKK 7,216,058), corresponding to 5.6%of the
shares and thusmore than 5% of the total share capital and
the total voting rights in theCompany.
As of 31December 2014, institutional investors in
Denmark held 13% of the share capital, institutional
investors in Europe held38% of the share capital of which
21%was held byUK investors, and institutional investors in
NorthAmerica held 17%. As of 31December 2014, 9% of
the PANDORA shareswere held byDanish retail investors.
As of 31December 2014, PANDORA’s Board of
Directors and Executive Board held a total of 104,966 and
12,380PANDORA shares respectively, corresponding to
0.1% of the total shares outstanding.
INVESTORRELATIONS
The ExecutiveBoard is responsible for the existenceof
an Investor Relations (IR) function,which is responsible
for PANDORA’s compliancewith theCompany’s Investor
Relations Policy. IR is organised as a separateunit and reports
directly to theChief FinancialOfficer.
Thepurposeof PANDORA’s investor relations activities
is to ensure that relevant, accurate and timely information
ismade available to the stockmarket to serve as abasis for
regular trading and a fair pricingof the share.
PANDORAwill ensure that theCompany is perceived as
visible, accessible, reliable andprofessional by thefinancial
markets and that PANDORA is regarded among thebest
relative topeers.Thiswill be achievedby complyingwith
the rules and legislation for listed companies onNasdaq
Copenhagen andPANDORA’s internal policies.
PANDORAwill endeavour tomaintain a high and uniform
level of information from theCompany and ensure that
information is channelledback from the stockmarket to the
Executive Board and the Board of Directors. Furthermore,
PANDORAwill continuously ensure awareness of, and
confidence in, theCompany’s vision, strategy, policies and
decisions in the capital market.
Spokespersons
The following functions are authorised to communicate
with the investment community (including analysts,
stockbrokers, individuals and institutional investors) unless
otherwise agreed:
• Chairman of the Board of Directors
• Executive Board
• Investor Relations
Company announcements
The publication of company announcements complies
with the rules inDanish legislation. Immediately after
publication, the information is published on PANDORA’s
website. Regulatory company announcements and
financial reports are published in English andDanish. To
ensure swift access to company announcements and press
releases, PANDORA invites all interested parties to sign
up to email alerts on the investor section of the Company’s
website.
Meetings
It is the Company’s policy to holdmeetings with interested
investors and analysts regularly in both large and small
groups and individually. At suchmeetings, PANDORA’s
general circumstances are discussed, but insider
information is never disclosed.
When asked to review analyst draft reports, PANDORA
will limit its review and comments to the following:
• correcting historical factual information only
• pointing out information that is in the public domain
• provide information that PANDORA believes is clearly
non-material
• discussing general factors that might influence the
underlying assumptions used for future projections
In 2014, PANDORA heldmore than 300meetings with
investors and analysts.
Silent period
For a period of four weeks prior to the planned release
of any interim financial reports, PANDORA does not
comment onmatters related to financial results or
expectations.
