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Transactions in connection with share buy-back program

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A.P. Møller - Mærsk A/S
·3 min read
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ANNOUNCEMENT

A.P. Møller - Mærsk A/S – Transactions in connection with share buy-back program

On 30 November 2020, A.P. Møller - Mærsk A/S (the Company) announced first phase of a share buy-back program in compliance with the EU Commission Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 (the “Safe Harbour Regulation”). The share buy-back program of up to DKK 10bn is to be executed during a 15-month period beginning 1 December 2020.

During the first phase of the program running from 1 December 2020 up to 29 April 2021, the Company will buy-back A and B shares for an amount of up to DKK 3.3bn.

The following transactions have been made under the program in the period 1 February 2021 to 5 February 2021:

Number of
A shares

Average purchase
price A shares, DKK

Transaction value,
A shares, DKK

Accumulated, last announcement (market and A.P. Møller Holding A/S)

19,844

252,070,043

1 February 2021

260

12,108.4231

3,148,190

2 February 2021

240

12,291.7083

2,950,010

3 February 2021

230

12,376.0435

2,846,490

4 February 2021

220

12,156.1818

2,674,360

5 February 2021

250

12,248.9200

3,062,230

Total 1-5 February 2021

1,200

14,681,280

Bought from A.P. Møller Holding A/S 5 February 2021*

1,272

12,234.4000

15,562,157

Accumulated under the program (market and A. P. Møller Holding A/S)

22,316

282,313,480

Number of
B shares

Average purchase
price B shares, DKK

Transaction value,
B shares, DKK

Accumulated, last announcement (market and A.P. Møller Holding A/S)

79,356

1,083,974,648

1 February 2021

1,300

13,263.8731

17,243,035

2 February 2021

1,200

13,437.3333

16,124,800

3 February 2021

1,150

13,560.9087

15,595,045

4 February 2021

1,100

13,238.7409

14,562,615

5 February 2021

1,300

13,361.3538

17,369,760

Total 1-5 February 2021

6,050

80,895,255

Bought from A.P. Møller Holding A/S 5 February 2021*

3,873

13,371.1165

51,786,334

Accumulated under the program (market and A. P. Møller Holding A/S)

89,279

1,216,656,237

*) According to a separate agreement, A.P. Møller Holding A/S participates on a pro rata basis to the shares purchased in the share buy-back program.

With the transactions stated above, the Company owns a total of 131,186 A shares and 553,328 B shares as treasury shares, corresponding to 3.42% of the share capital.

Page 1 of 2

Details of each transaction are included as appendix.

Copenhagen, 8 February 2021

Contact persons:

Head of Investor Relations, Stig Frederiksen, tel. +45 3363 3106

Head of Media Relations, Signe Wagner, tel. +45 3363 1901

Page 2 of 2

Attachments


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    Well… that was fast. In two short weeks, GameStop (NYSE:GME) and AMC (NYSE:AMC) stock investors have gone from the new Wall Street kingmakers to naïve newbies. As Reddit-fueled stocks fell back to earth, young Reddit investors watched in dismay as their heat-seeking investments turned to dust. And even before more experienced investors could start their “I told you so” lectures, one thing became clear: Less-experienced investors have already begun drawing the wrong lessons from the fiasco. Source: Shutterstock / TY Lim Yes, deep-pocketed hedge funds have won at retail investor expense – Citadel and Point72 will likely walk away with a $2 billion gain this week. But as new investors nurse their meme-stock losses, there’s a great temptation for them to wrongly blame themselves or “the system.” But if that’s not why they lost, then what was? GME and AMC Stock: The System’s Rigged! It’s easy to think of Reddit investors as a single person –in the past month, r/WallStreetBets seemed to take on a life of its own. But for every smart (or lucky) soul who bought GameStop under $10, many more on the popular forum spoke of getting in late. These were the investors who paid $100 or more per share — egged on by fellow Redditors with expiring in-the-money call options. (Some of these early birds turned out to be financial professionals moonlighting on Reddit.)InvestorPlace - Stock Market News, Stock Advice & Trading Tips In other words, what started as warranted anger at short-sellers turned into a pump-and-dump by people who knew what they were doing. So, in the end, it was the novice investor who lost the war. But Who’s to Blame? Wall Street has mostly watched from the sidelines, leaving novice investors to make mistakes. Bulge-bracket banks vigorously guard their equity research reports, handing them out only to the multi-millionaires and family offices (i.e., the same people who can afford to ignore the advice). And the U.S. education system hasn’t been much better. With its focus on efficient markets and financial theory, most schools don’t prepare people for the possibility of losing 30% of their nest egg in a recession. That’s why young investors have filled the vacuum for themselves, turning to social media outfits like Reddit to share stories and advice. And it’s no surprise that the echo chamber has created an entire generation of investors who are far more emotional than their predecessors. These investors are “characterized as having the highest rating for personalization of loss while still having high risk ratings,” explains researchers Ryan Wood and Judith Lynne Zaichkowsky in the Journal of Behavioral Finance. “In other words, this group does not mind taking risks, but feels terrible when they lose money.” But Really, the System Seems Rigged In some cases, the Reddit echo chamber got some things right. When Robinhood locked out retail investors from trading high-volatility stocks on Jan. 25, the trading platform might have unintentionally popped the GameStop bubble, sending a lifeline to short-positioned hedge funds. Robinhood CEO Vlad Tenev should expect harsh treatment when he gets grilled by Congress later this month. But in other cases, the Reddit rumor mill has become a scourge. “I’m still holding my shares but I don’t expect to see my ~$1200 ever again,” lamented one GameStop investor on Reddit. “Who knows… Maybe it will still go to the moon. I’d be thrilled! But, until then I will hold,” said another latecomer on AMC. As meme stocks have fallen from their peaks, Redditors have encouraged each other to adopt the “ostrich strategy”: ignore the losses for long enough, and maybe they’ll go away. Much of this feeling was fueled by others doing the same — and in some cases posting screenshots of doubling down. (Whether all these images are 100% real are up for debate). But the rest of it comes from younger investors’ natural tendency to personify losses. If losing money makes you stupid, then simply never realize those losses. It’s an age-old strategy of short term self-care with long-term costs. Older investors might view these mental gymnastics with a sense of schadenfreude; all experienced investors have seen their share of battle scars. But this time is different. With the Reddit echo chamber amplifying these practices, these investors risk blaming everyone (including themselves) for their losses and fail to move on. Wall Street Also Learns the Wrong Lessons The Reddit machine also has real-world consequences for experienced investors. Consider Andrew Left, CEO of Citron Research. For years, Mr. Left had lambasted Wall Street excesses, reining in corporate behemoths like Valeant for cornering drug markets and pumping prices. His willingness to go against the Wall Street establishment earned him accolades from academics and experienced investors alike. But then, he made the mistake of calling out GameStop’s absurd valuation right as Reddit investors were getting in. As death threats and random pizza orders showed up at Mr. Left’s door, the respected short-seller vowed never again to publish short-selling research. Reddit’s chilling effect has since spilled into other areas of finance. Conversations supporting short-selling, an essential mechanism to a well-functioning financial market, has mostly ground to a halt. And investors can probably expect higher premiums the next time they look to transact any meme-potential stock. Where to Go From Here Never have so many investors personified stocks as their identity. For these investors, telling them you don’t like Tesla’s stock is almost like spitting in their face. (Older investors, meanwhile, might see Tesla as yet another chit). And the GameStop bubble is cementing the myth that someone’s stock portfolio represents their very character. Against that backdrop, we’re now faced with a decision. We can choose to say nothing; few want to speak out against the madness of crowds, especially when they can shout back at you. Or we can keep reaching out and try helping the next generation make sense of the world we’ve built. After all, millennial investors aren’t going away soon. By 2030, young investors will have inherited $68 trillion, making them one of the most significant financial forces of our time. And if we forget to give them the instruction manual, what does that say about us? On the date of publication, Tom Yeung did not have (either directly or indirectly) any positions in the securities mentioned in this article. Tom Yeung, CFA, is a registered investment advisor on a mission to bring simplicity to the world of investing. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next Potential Winner It doesn’t matter if you have $500 in savings or $5 million. Do this now. #1 Stock for the Green Energy Boom The post Generation Reddit: Why Younger Investors Really Lost the GME Stock War appeared first on InvestorPlace.

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