Pandora A/S, which makes and markets jewelry, said March 13, as expected, that it will launch a program to purchase up to 2.2 billion Danish kroner of its shares.
The Copenhagen, Denmark-based company made the move in a bid to reduce its share capital and meet obligations arising from its incentive programs, it said. The program is due to run from March 14 until March 6, 2020.
Under the program, Pandora can buy a maximum of 10% of its existing share capital. The price paid for shares must not deviate more than 10% from the price quoted on Nasdaq Copenhagen at the time of the purchase.
Pandora added it can terminate the program at any time.
Its board announced the buyback program in February. A previous repurchase program expired March 13.
Nordea Bank AB and Citibank will act as lead managers for the buyback.
As of March 13, US$1 was equivalent to 6.60 Danish kroner.