Sampo to deploy EUR 800 million of capital through a new share buyback programme and potential squeeze-out of Topdanmark minority shares

SAMPO PLC                        STOCK EXCHANGE RELEASE                  17 June 2024 at 9:00 am

Sampo to deploy EUR 800 million of capital through a new share buyback programme and potential squeeze-out of Topdanmark minority shares

In line with Sampo Group’s commitment to capital efficiency, and to offset share count dilution from the recommended public exchange offer to Topdanmark shareholders announced earlier today, the Board of Sampo has resolved to deploy EUR 800 million of capital through a new share buyback programme and potential squeeze-out of Topdanmark minority shares.

The capital deployment is divided into two parts: As the first step, Sampo will launch a share buyback programme of EUR 400 million. In the second step, Sampo will deploy the remaining EUR 400 million through further buybacks and the potential squeeze-out, with the amount of the additional buybacks equaling EUR 400 million less the funds used for the squeeze-out of Topdanmark minority shares. The second part will commence no earlier than on completion of the potential squeeze-out.  

The aggregate purchase price of the Sampo A shares acquired under the first step of the share buyback programme shall not exceed EUR 400 million and maximum number of shares that can be repurchased is 20 million, corresponding to 4 per cent of the total number of shares in Sampo. The buyback programme will start at the earliest on 18 June 2024 and end no later than 31 October 2024.

The purchase price per share shall be no more than the highest price paid for the company’s shares in public trading on the day of the repurchase or the offer to repurchase the company’s own shares, or alternatively, the average of the share prices (volume weighted average price on the regulated markets where the company’s share is admitted to trading) during the five trading days preceding the repurchase or the offer to repurchase the company’s own shares. The lowest purchase price per share shall be the price that is 20 per cent lower than the lowest price paid for the company’s shares in public trading during the validity of this authorisation until the repurchase or the offer to repurchase the company’s own shares. The shares will be acquired through public trading on Nasdaq Helsinki, CBOE, Turquoise and Aquis. In addition to the shares repurchased in public trading, shares may, subject to certain conditions, be acquired in accelerated bookbuilds (ABB) should such be arranged.

The repurchases in public trading will be made in accordance with the safe harbour arrangement of Article 5 of the EU Market Abuse Regulation. Sampo has appointed Morgan Stanley as the lead manager for the share buyback programme. The lead manager will make trading decisions independently of and without influence from Sampo, within the announced limits.

The repurchases will be carried out by using funds in the unrestricted shareholders’ equity. The repurchased shares will be cancelled. The buyback programme is based on the authorisation granted by the Annual General Meeting held on 25 April 2024. The parameters of the second part of capital deployment shall be determined on completion of the potential squeeze-out of Topdanmark shares.

SAMPO PLC
Investor Relations and Group Communications

For further information, please contact:

Sami Taipalus
Head of Investor Relations
tel. +358 10 516 0030

Maria Silander
Communications Manager, Media Relations
tel. +358 10 516 0031

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The principal media
FIN-FSA
www.sampo.com