Share buy-back Program of DKK 400 million to be initiated

COMPANY ANNOUNCEMENT NO. 4/2020 – 10 March 2020

As mentioned in the Annual Report for 2019, the Board of Directors of Royal Unibrew A/S has decided to initiate a share buy-back of up to DKK 400 million.

Objective

The objective of the share buy-back is to adjust the capital structure of Royal Unibrew A/S in accordance with the target of this. The Board of Directors expects to recommend to the AGM in 2021 that the shares bought back be cancelled.

Authorisation

The share buy-back program is initiated within the authorisation granted to the Board of Directors at the Annual General Meeting of the Company on 25 April 2019, which will enable the Company to buy back shares for up to 10 per cent, recognizing that the Company’s total holding of treasury shares following the acquisition cannot exceed 10 per cent of the share capital. The Share buy-back Program will be executed in accordance with Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse and Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the “Safe Harbour Regulation”).

Share buy-back program

The share buy-back program is expected to be realised in the period from 11 March 2020 through 31 October 2020.

The maximum total share buy-back in the period will represent a market value of DKK 400 million. Based on the share price at 10 March 2020, this will correspond to approx. 0.765 million shares of DKK 2 each at a total nominal value of DKK 1.53 million, corresponding to approx 1.5% of the share capital. Royal Unibrew has entered into an agreement with Skandinaviska Enskilda Banken, Denmark, branch of Skandinaviska Eskilda Banken AB (publ), Sweden, to handle the share buy-back as Lead Manager on behalf of Royal Unibrew. Skandinaviska Enskilda Banken will make all trading decisions independently of and without involving Royal Unibrew. The shares bought back on each trading day will not exceed 25% of the daily average trading volumes over the 20 trading days preceding the date of purchase.

No shares will be bought back under the share buy-back program at a price exceeding the higher of the two following prices:

• the price of the latest independent transaction; and

• the highest independent bid on Nasdaq Copenhagen A/S.

Royal Unibrew will be entitled to suspend the share buy-back program in the event of material changes to the Company’s circumstances or in the market. Should the program be suspended, Royal Unibrew will announce this in a Company Announcement, and Skandinaviska Enskilda Banken will stop buying back shares in the market.

Royal Unibrew will announce the number of shares bought back and their value in separate weekly Company Announcements in a detailed and summarized form.

For further information on this Announcement:

Lars Jensen, CFO, tel (+45) 29 23 00 44 

The Announcement has been prepared in Danish and English. In case of discrepancy, the English text shall prevail.

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