Festi hf.: Notification regarding execution of a buyback program
21 Julho 2023 - 5:00AM
Festi hf.: Notification regarding execution of a buyback program
At the Annual General Meeting of Festi on March
22nd 2023, the shareholders approved to authorize the Board of
Directors, pursuant to Article 55 of the Act on Public Limited
Companies No. 2/1995, to purchase up to 10% of issued shares in the
company.
The Board of Directors of Festi has, based on
this mandate issued by the Annual General Meeting, decided on the
execution of a buyback program. The purpose of the program is to
decrease the number of issued shares. The aim is to buy back own
shares for the maximum amount of 3,500,000 shares but the amount of
the buyback will not exceed ISK 600 million in total purchase
price. The buyback program will be effective from Friday, July 21st
2023, and until December 31st 2023, unless the conditions on the
maximum amount of the buyback program will be reached prior to that
date.
The buyback program will be executed in stages,
with the maximum amount of shares set at 70,000 shares each day.
This is equivalent to 25% of the daily average trade in the
company’s share on Nasdaq OMX Iceland throughout June 2023. The
share price shall not exceed the last independent transaction or
highest independent existing purchase bid in the Nasdaq OMX Iceland
trading venue, whichever is higher.
Landsbankinn hf. will supervise the execution of
the buyback program and make all decisions regarding the
acquisition of shares, including timing, independently of
Festi.
The buyback program will be executed in
accordance with the Act on Public Limited Companies, No. 2/1995,
Article 5 of the Regulation of the European parliament and of the
Council No. 596/2014, on market abuse, as well as the Commissions
Delegated Regulation No. 2016/1052, cf. the Act on Actions against
Market Fraud No. 60/2021.
Notices on trading in own shares according to
the buyback program will be published at the end of the seventh
trading day following the purchase of shares.
As of today, prior to the effective start of the
buyback program, Festi owns 8,000,000 shares or 2,56% of the issued
share capital.
For further information contact Magnús Kr.
Ingason, CFO of Festi (mki@festi.is)
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