Initiation of a share buy-back program
ANNOUNCEMENT
A.P. Møller - Mærsk A/S – Initiation of a share buy-back program
A.P. Møller - Mærsk A/S (the “Company”) has decided to initiate a share buy-back program of up to DKK 14.4 billion (around USD 2 billion) to be executed over a period of 12 months.
The first phase of the share buy-back program will run from 7 February up to 6 August 2025. The shares to be acquired will be limited to a total market value of DKK 7.2 billion (around USD 1 billion). A maximum of 325,000 A shares and 1,900,000 B shares can be acquired in the first phase of the share buy-back program.
The share buy-back program will be executed under EU Commission Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 (the “Safe Harbour Regulation”) which ensures that the Company, its Board of Directors and its Executive Board, are protected against violation of insider legislation during the share buy-back period.
The share buy-back program is initiated pursuant to the authorisation granted to the Board of Directors by the Annual General Meeting in March 2023, which entitled the Company to acquire treasury shares at a nominal value not exceeding 15% of the share capital at the market price applicable at the time of acquisition with a deviation of up to 10%.
The Company has appointed Skandinaviska Enskilda Banken (“SEB”) as Lead Manager for the first phase of the share buy-back. SEB will make its own trading decisions independently of and without influence from the Company and within the announced limits.
Prior to the first phase of the share buy-back program, the Company holds 119,982 B shares.
The purpose of the program is to adjust the capital structure of the Company ultimately through cancellation of shares repurchased.
Terms for the first phase:
- No shares may be bought back at a price exceeding the higher of i) share price of latest independent trade and ii) the highest current independent offer price on the trading venue where the purchase is carried out.
- The maximum number of A and B shares that may be purchased on each trading day may not exceed 22.50% of the average daily trading volume of A and B shares, respectively, on NASDAQ Copenhagen, on which the purchase is carried out, over the last 20 trading days prior to the date of purchase.
- A and B shares will be acquired in a 15/85 split reflecting the current trading volumes of the two share classes.
- The Company will fulfil its reporting obligations by announcing no later than every 7th trading day the purchases made under the share buy-back program.
- Subject to approval by Civilstyrelsen A.P. Møller og Hustru Chastine Mc-Kinney Møllers Familiefond (“Familiefonden”) will participate in the share buy-back program by selling shares relative to its total ownership in the Company as per 5 February 2025, which was 9.83% (excl. treasury shares). Only B-shares will be sold by Familiefonden.
- The Company is entitled to suspend or stop the program at any time subject to an announcement to NASDAQ Copenhagen.
Copenhagen, 5 February 2025.
Contact persons:
Head of Investor Relations, Stefan Gruber, tel.
Senior Media Relations Advisor, Morten Buttler, tel.
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