DNB proposes cancellation of up to 7,131,291 repurchased shares at next AGM
DNB•DNB Bank will ask shareholders to cancel up to 7,131,291 shares bought under its new buyback program and redeem up to 3,673,695 government shares, preserving the government’s 34% stake. The program covers up to 10,804,986 shares, or 0.75% of capital, subject to a NOK 3.79 billion own-funds reduction limit.
1. Shareholder votes
DNB Bank will propose canceling up to 7,131,291 shares purchased under its new buyback program at the next annual general meeting. Shareholders will also vote on redeeming up to 3,673,695 Norwegian government shares, preserving the government’s 34% ownership interest; the redemption price will equal the average market buyback price plus interest compensation.
2. Capital structure
The program covers up to 10,804,986 shares, or 0.75% of capital, subject to a NOK 3.79 billion own-funds reduction limit. DNB said the buyback aims to optimize its capital structure by reducing the common equity tier 1 ratio by approximately 0.3 percentage points.
