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Dividend policy

Dividend Policy and Share Buybacks

The Company’s Board of Directors has adopted a dividend policy with a target initial pay-out ratio of approximately 20-30% of net income. The first dividend payment is expected to be paid out in 2018 on the basis of the results of the financial year ending 31 December 2017.

The Company’s Board of Directors is authorised in the period until 1 September 2021 to approve the acquisition of treasury shares, on one or more occasions, with a total nominal value of up to 10% of the share capital of the Company, for so long as the Company’s holding of treasury shares after such acquisition does not exceed 10% of the Company’s share capital. The consideration may not deviate more than 10% from the official price quoted on Nasdaq Copenhagen at the time of the acquisition.