Following the ruling in the TPSA/DPTG case, the Board of Directors in GN Store
Nord has decided to launch a DKK 600 million share buyback program, acting on
the authorization granted to the Board at the Annual General Meeting held on
March 18, 2010. The authorization allows GN to acquire up to 15% of its
shares.
According to the ruling in the TPSA/DPTG case payment of the proceeds shall be
made within 14 days from the ruling (i.e. within September 17, 2010) and
shortly after receiving the proceeds GN will initiate the share buyback
program. During the period when the share buyback program is running, GN may
decide to discontinue the program should GN decide to pursue strategic
opportunities which warrant the cancellation of the program.
GN currently holds 6,395,545 own shares corresponding to 3.1% of the total
share capital. Based on GN's share price on NASDAQ OMX at the closing Friday
September 3, 2010, the share buyback program will take GN's holding of own
shares to approximately 10% of the total share capital.
Further details on the structure and timing of the share buyback program will
be announced prior to launching the program.
For further information, please contact:
Mikkel Danvold
Director, IR & Communications
GN Store Nord A/S
Tel: +45 45 75 02 71
