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Pandora’s Main Owners Take Direct Stakes After Distribution

Pandora A/S, the Danish maker of charm bracelets, said the 40.4 percent stake held by Prometheus Invest ApS has been redistributed to the investment fund’s controlling shareholders to give them equal tax treatment.

Private-equity investor Axcel will own about 25.9 percent of Pandora after the reallocation, while the founding Enevoldsen family will hold 12.4 percent, the jeweler said today in a statement. Some minority owners are also involved and will directly hold 2.1 percent, leaving Prometheus without any shares in Pandora, according to the statement.

“With the new structure, the investors will be treated equally regarding tax,” said Joachim Sperling, a spokesman for Axcel. “That’s basically the reason for this change. There is no drama behind this other than tax issues.”

No sales of Pandora shares have been made in the market and no change in the ultimate ownership of the shares will occur as a result of the distribution, the company said.

Prometheus in May sold 13 million shares, or a 10 percent stake, in Pandora to institutional investors for 200 kroner a share, capitalizing on the stock’s strength. The shares have gained 81 percent this year on improved earnings as the Danish company adds new collections more frequently and lowers prices.

The Enevoldsen Group intends to conduct “further group reorganizations” that may result in a change in the placement of its holdings, the company said.

The stock was up 0.1 percent at 225.40 kroner as of 10:29 a.m. in Copenhagen.

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