Tryg's Supervisory Board initiates a share buy back programme of DKK 799m cf.
the Group's policy for dividend and shareholder repatriation. The share buy
back programme is planned to run until the release of the Annual Report 2010.
Tryg's policy for dividend and shareholder repatriation consists of a cash
dividend of 50% of the annual result after tax and in addition share buy backs
for additional surplus capital. The criteria of the excess capital statement
are based on Tryg's capital model, which ensures that the Group has the capital
resources necessary to operate and develop the Group. Tryg's capital need and
model are described in more details at tryg.com / investor / key figures.
The share buy back programme will be initiated within the authorisation that
Tryg's shareholders' meeting has granted to the Group's Supervisory Board. Tryg
may purchase own shares up to 10% of the total share capital. At a future
general meeting, the Supervisory Board will propose the purchased shares to be
cancelled.
The share buy back programme is initiated and structured in compliance with the
EU Commission Regulation no. 2273/2003 of 22 December 2003 (the so-called Safe
Harbour Regulative for share buy back), which ensures that the Group is
protected against violation of insider legislation in relation to a share buy
back programme.
The majority shareholder, TryghedsGruppen smba, who owns 60% of the company,
has agreed to participate pro rata in the share buy back programme. Hence, the
free float of shares will continue to be 40%.
The share buy back programme
The share buy back programme is expected to be implemented from 16 April 2010
to the day prior to the release of the full year results 2010. In this period,
the total share buy back will maximum amount to a volume of DKK 799m.
Tryg has entered into a contract with Nordea Bank Danmark A/S (Nordea), in
which Nordea as Lead Manager handles purchase of shares on behalf of Tryg.
Nordea handles all purchase transactions independently of, and without
influence by Tryg.
The pro rata repurchase from TryghedsGruppen smba is planned so that
TryghedsGruppen smba daily sells a number of Tryg shares settled at the volume
weighed average purchase price of the shares purchased in compliance with the
share buy back programme on the relevant day of trading.
Tryg is entitled to stop the share buy back programme in case of substantial
changes in the Group's business or changes in the market. If the programme is
stopped prematurely, Tryg will immediately disclose this in an announcement to
Nasdaq OMX Copenhagen, and Nordea will refrain from repurchasing shares in the
market and TryghedsGruppen smba shares.
The following guidelines applies Tryg's share buy back programme, initiated in
April 2008:
• The trading volume of own shares is limited to a total value of DKK 799m
• At a price of DKK 360 per share, the maximum number of shares that may be
repurchased is 2.2m shares, which is equivalent to 3,5% of Tryg's share capital
• The daily volume of purchased shares cannot exceed 25% of the daily turnover
on Nasdaq OMX Copenhagen and measured as an average of a period of running 20
trading days.
• Shares cannot be purchased at prices higher than the two following prices:
o The price of the latest independent trade
o The price of the highest independent bid on Nasdaq OMX Copenhagen
Tryg will announce the number of repurchased shares and the value of these
shares on a weekly basis in an announcement to Nasdaq OMX Copenhagen.
At the launch of the share buy back programme, Tryg had 901,192 own shares or
1.41% of the total share capital. These own shares are for compliance of
employees' stock option programmes and share programmes.
Additional information:
For further information visit www.tryg.com or contact Investor Relations;
• Investor Relations Director Ole Søeberg on +45 44 20 45 20 or
ole.soeberg@tryg.dk
• Investor Relations Manager Lars Møller on +45 44 20 45 17 or
lars.moeller@tryg.dk
Tryg is the leading Nordic provider of “peace of mind” solutions with property
& casualty insurance operations in Denmark, Norway, Finland and Sweden. Tryg is
listed on Nasdaq OMX Copenhagen and 60% of the shares are held by
TryghedsGruppen smba.
