SimCorp A/S (“SimCorp”) has today initiated a share buyback program for up to EUR 15.0m, to be executed during the period from 25 August 2015 to 19 February 2016.
The buyback program is being launched in accordance with the authorization granted by the shareholders at the Annual General Meeting on 23 March 2015 to repurchase up to 10% of the SimCorp’s share capital in the period until the next annual general meeting.
The buyback program will be structured in compliance with the rules of Commission Regulation No. 2273/2003 of 22 December 2003, which provides protection against violation of insider trading legislation in connection with the execution of the buyback.
SimCorp has appointed Danske Bank A/S as lead manager of the buyback program for EUR 15.0 million. Under the agreement Danske Bank A/S will purchase shares on behalf of SimCorp and will make its trading decisions independently of, and without influence by, SimCorp.
The buyback program is subject to the following terms:
- The purpose of the program is to reduce the share capital of SimCorp and to meet the obligations arising from SimCorp’s incentive scheme
- Total purchases of own shares will be limited to a total market value of EUR 15.0m
- Maximum number of shares that can be bought is 750,000 shares of DKK 1 each
- Execution of the buyback will take place from 25 August 2015 to 19 February 2016
- Maximum number of shares to be purchased in SimCorp per daily market session will be the equivalent to 25% of the average volume of SimCorp shares traded on NASDAQ OMX Copenhagen during the preceding 20 business days
- During the life of the buyback program no shares will be purchased at a price exceeding the higher of the following two prices on NASDAQ OMX Copenhagen:
1. The price of the last independent trade, and
2. The highest current independent bid