Danish incumbent TDC has appointed JP Morgan to manage the buy back of up to DKK 750m (US$133m) worth of shares from 6 February to 31 December.
A maximum of 74,132,879 shares will be bought back during this period, with no more than 363,511 of them…
Danish incumbent TDC has appointed JP Morgan to manage the buy back of up to DKK 750m (US$133m) worth of shares from 6 February to 31 December.
A maximum of 74,132,879 shares will be bought back during this period, with no more than 363,511 of them being acquired on a single trading day.
According to TDC, Luxembourg-based investor NTC Holding G.P. & Cie S.C.A, which holds a 59.1% stake in the group, has “irrevocably” agreed to participate in the programme, meaning the free float percentage of its shares will not be affected by the process.
The share buy back programme was announced as the group posted full-year results, which showed 2011 revenue improved 0.5% on the year to DKK 26.3bn (US$4.7bn), while EBITDA increased 1.6% to DKK 10.9bn (US$1.9bn).
“In the present climate, it is very satisfactory that we are able to continue the group’s solid development and present a strong performance,” said CEO Henrik Poulsen.
