Notification of managers’ and closely related parties’ transactions with Dampskibsselskabet NORDEN A/S’ shares in connection with share buy-back program

Dampskibsselskabet NORDEN A/S notified the market (Announcement No. 266, 16 Dec 2025) that A/S Motortramp, a manager/closely related party, is continuously selling shares pro rata as part of NORDEN’s ongoing share buy-back program and that transaction details are provided in the attached file and earlier notices (Announcements Nos. 227/2025 and 228/2025). The disclosure confirms continued execution of the buy-back and should be monitored for transaction volumes and timing, as these related-party sales and repurchases can affect free float, share count and near-term liquidity dynamics; investor relations contact details were provided for follow-up.

Analysis

Dampskibsselskabet NORDEN A/S issued Announcement No. 266 on 16 December 2025 confirming that A/S Motortramp, a manager or closely related party, is continuously selling shares pro rata in connection with NORDEN’s ongoing share buy-back program and referencing prior notices (Announcements Nos. 227/2025 and 228/2025). The release is signed by CFO Martin Badsted and provides an investor-relations contact (Therese Möllevinge) for follow-up, with transaction details said to be in an attached file.

The notice confirms execution mechanics where related parties are selling into the buy-back program rather than a straightforward market repurchase by the company; this can materially affect net shares outstanding, free float and near-term liquidity depending on volumes and timing. The provided signals rate sentiment as neutral and market impact as low (0.1), indicating the disclosure is primarily procedural but warrants monitoring of the attached transaction data to quantify the program’s net effect.

From a governance and risk perspective, the firm’s disclosure of manager/related-party activity increases transparency but also raises the need to verify whether transactions are offsetting the buy-back or represent additional capital-return demand; investors should not assume a net reduction in share count without reviewing the detailed transaction table and the earlier announcements.

Key Decisions for Investors

• Obtain and review the attached file and Announcements Nos. 227/2025 and 228/2025 to quantify volumes, timing and the net impact on shares outstanding before changing position sizes
• Monitor subsequent daily transaction disclosures for changes in free float and short-term liquidity and avoid trading on the assumption of a net buy-back until the data confirm a reduction in share count
• If your investment thesis depends on structural share-reduction, consider hedging or trimming exposure until the program’s cumulative net effect is verifiable
• Contact investor relations (Therese Möllevinge) for clarification on whether related-party sales are fully pro rata to the program or could alter the intended capital-return outcome