NN Group announces stock fraction for 2022 final dividend and repurchase of shares to neutralise stock dividend

As announced on 16 February 2023, NN Group shareholders were given the option to receive the final dividend for 2022 of EUR 1.79 per ordinary share either in cash or in ordinary shares. 

Shareholders who have elected to receive the final dividend in shares will receive one NN Group N.V. ordinary share for every 18.08 ordinary shares held. The stock fraction is based on the volume-weighted average price of EUR 32.3638 for NN Group shares on Euronext Amsterdam for the five trading days from 16 June 2023 up to and including 22 June 2023. Any remaining stock fractions will be paid in cash. The stock and cash dividend are approximately equal in value. For shareholders that have not made a choice during the election period, the dividend will be paid in cash. 

Shareholders representing approximately 47.71% of the outstanding number of shares have elected to receive the final dividend in ordinary shares. Consequently, 7,289,612 ordinary shares will be delivered from NN Group treasury shares.   

NN Group will neutralise the dilutive effect of the stock dividend through the repurchase of ordinary shares for a total amount of EUR 235 million, equivalent to the value of the stock dividend. These share buybacks will be executed by financial intermediaries under a share buyback programme which is expected to end no later than 25 August 2023. The shares will be repurchased at a price that does not exceed the last independent trade or the highest current independent bid on the relevant trading platform. The share buyback programme will be executed within the limitations of the existing authority granted by the General Meeting on 2 June 2023, and will be performed in compliance with the safe harbour provisions for share buybacks. NN Group intends to cancel any repurchased NN Group shares under the programme unless used to cover obligations under share-based remuneration arrangements or to deliver stock dividend.    

This programme is in addition to the existing share buyback programme for a total amount of EUR 250 million that was announced on 16 February 2023. NN Group reports on the progress of the share buyback programmes on its corporate website on a weekly basis. 

Payment of the dividend in cash, after deduction of withholding tax if applicable, or payment of the dividend in the form of ordinary shares, as well as settlement of fractions in cash will take place on 29 June 2023.