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DSV's board decides to launch DKK3,500m share buyback programme.

Global Banking News-May 1, 2019-DSV's board decides to launch DKK3,500m share buyback programme

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DSV A/S (CPH:DSV), a provider of transport and logistics, announced on Tuesday the decision by its board of directors to exercise the authority to buy back shares granted by the Annual General Meeting on 15 March 2019.

This authority is valid until 15 March 2024 and covers a maximum of 18,600,000 shares, none of which have been exercised before the launch of this share buyback programme.

According to DSV, the purpose of the share buyback is to adjust the capital structure and meet obligations relating to its share-based incentive programmes. At the Annual General Meeting of DSV, a resolution will be proposed that any shares not used for hedging or the incentive programmes be cancelled.

This share buyback programme will run from 30 April 2019 to 8 November 2019 at the latest, both days inclusive. During this period, DSV will buy its own shares up to maximum of DKK3,500m.

Also, DSV is required to retain a lead manager who is to make its own trading decisions independently of and without influence from DSV and execute the buyback within the announced limits. DSV has retained Danske Bank A/S as its lead manager for the share buyback.

Under this share buyback programme, DSV may repurchase shares to an aggregate purchase price of maximum DKK3,500m and no more than 10,000,000 shares, corresponding to 5.38% of the current share capital of DSV A/S, may be purchased.

No shares may be bought back at a price exceeding the higher of the share price of the latest independent trade and the highest current independent bid at Nasdaq Copenhagen at the time of trading in compliance with the authority.

In addition, the maximum number of DSV shares that may be purchased on each business day may not exceed 25% of the average daily trading volume of DSV shares on Nasdaq Copenhagen over the last 20 trading days prior to the date of purchase.

DSV provides truck, ship and plane transport services, as well as warehousing and logistic services. DSV operates in Europe, North America and the Far East.

(EUR1.00=DKK7.46)

((Distributed via M2 Communications - http://www.m2.com))

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Publication:Global Banking News (GBN)
Date:May 1, 2019
Words:386
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