The board of directors of Pandora have decided to launch a share buyback programme, under which the jewellery giant will buy back own shares to a maximum consideration of DKK 2.2 billion (£252.3m).
The purpose of the programme is to reduce the company´s capital structure and to meet obligations arising from Pandora’s incentive programmes.
Anders Boyer, CFO of Pandora, says: ”Pandora’s business model is highly cash generative and today we initiate a DKK 2.2 billion share buyback programme. Even though we are going through a 2-year transformation programme, we will continue to distribute significant cash to our shareholders through dividends and share buyback programmes.”
Pandora has appointed Citi and Nordea as lead managers of the programme, which will take place during the period of March 14, 2019 to March 6, 2020.
The brand however has said it may be terminated at any time.
This news was announced at the brand’s Annual General Meeting, where the chairman announced plans to step down this year.
In addition, the AGM saw two new members welcomed to the board – Isabelle Parize and Sir John Peace.