Park Street A/S – New share buyback program
Park Street A/S – New share buyback program
Copenhagen, 25th February 2022
Park Street A/S (“Park Street”) has today initiated a share buyback program for up to DKK 250m of Class A and Class B shares, to be executed during the period from 25th February 2022 to 30th June 2022.
The buyback program is being launched in accordance with the authorization granted to the board of directors as stated on the point 3.7 and 3.8 of the Articles of Association and approved by the shareholders at the Annual General Meeting on 22nd April 2021. The board of directors is authorized in the period until 21st April 2026 to allow the Company to acquire Class A and Class B treasury shares corresponding to a total of 35% of the Company’s Class A and 35% of Class B share capital.
Park Street has appointed Nordea Bank Danmark A/S (“Nordea”) as lead manager of the buyback program. Under the agreement, Nordea will purchase shares on behalf of Park Street and will make its trading decisions independently of, and without influence by Park Street.
The buyback program is subject to the following terms:
- The purpose of the program is to reduce the share capital of Park Street
- Total purchases of own shares will be limited to a total market value of DKK 250m
- Maximum number of shares that can be bought is 23,266,575 shares of DKK 1 each
- Execution of the buyback will take place from 25 February 2022 to 30 June 2022
- The buyback program will be structured and carried out in compliance with the provisions of Regulation No. 596/2014 of the European Parliament and of the Council on market abuse (the Market Abuse Regulation - MAR) and delegated legislation under MAR; except for the limitation of implementing the authorized buy-back of the Company’s shares within the 25% daily trading volume, due to the low levels of market liquidity in the Company’s shares.
- During the life of the buyback program shares will be purchased at the price listed on NASDAQ OMX Copenhagen on the date of acquisition.
- The price for Class B shares will be determined as the rolling weighted average purchase price of Class A shares, acquired over the previous three trading days.
Details of transactions executed under the buyback program will be publicly disclosed on www.psnas.com not later than the end of the seventh daily market session.
Enquiries regarding this announcement should be addressed to:
Pradeep Pattem, CEO at [email protected]
Company Website: www.psnas.com
Telephone Number: +45 33 33 93 03
