Festi hf. has entered into a market making agreement with Arion banki hf. (ARB) which shall be executed by the bank‘s own trading book and based on a commission from the company. The agreement entails that the bank is committed to making a daily bid and ask offer for shares in the company on Nasdaq OMX Iceland. The minimum offer price shall be ISK 150,000 shares in nominal value, the transaction price to be decided by ARB, although not deviating more than 3% from the last recorded transaction price. The maximum bid-ask spread shall not exceed 1,5%. If ARB enters into transactions with shares of ISK 1,200,000 nominal value or more in automatic matching in the trading book within a day, the obligation related to the maximum spread do not apply that day. In case of fluctuations in transaction prices exceeding 10% within a day, ARB may double the maximum spread temporarily that day.
The purpose of market making agreements is to facilitate trading in the Company´s shares on Nasdaq Iceland in order to increase the liquidity of the Company´s shares, create market prices and to promote efficiency and transparency of price formation of shares.
The agreement enters into force 11 March 2020 for an indefinite duration. It may be terminated by both parties with 14 days’ notice.
For further information contact Eggert Þór Kristófersson at eggert@festi.is