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Danish jewelry manufacturer Pandora to launch share buyback program

Denmark-based jewelry manufacturer Pandora A/S said Feb. 6 that will launch a share buyback program to purchase shares at a maximum consideration of 4 billion Danish kroner, starting March 14 on its annual general meeting until March 13, 2019.

Pandora's previous share buyback program was launched Feb. 7, 2017, where it planned to repurchase its shares to a maximum consideration of 1.80 billion Danish kroner by Feb. 6.

According to the new repurchase program, Pandora can buy a maximum of 8.5 million shares under the current authorization it has to buy treasury shares. The price paid in connection with the acquisition of treasury shares must not increase or decrease by more than 10% the price quoted on Nasdaq Copenhagen at the time of the purchase.

The company added that the buyback aims to adjust the company's capital structure and meet the obligations arising from its 2018 incentive programs.

Pandora's board plans to propose at the 2019 annual general meeting that the company's share capital be reduced by the number of shares bought under the repurchase program that is not going to be used for the hedging of the incentive programs. The manufacturer also said it can terminate the program at any time.

Nordea Bank AB, Citibank and Skandinaviska Enskilda Banken AB will act as lead managers of the buyback.

As of Feb. 5, US$1 was equivalent to 6 Danish kroner.