The Annual General Meeting of Festi held 23 March 2020 empowered the Board of Directors, pursuant to Article 55 of the Company Act No 2/1995, to purchase upto 10% of the company‘s shares on its behalf. The purpose of the programme is to decrease the number of issued shares.
The Board of Directors of Festi has on the basis of the mandate issued by the Annual General Meeting adopted a decision on the execution of a buy-back programme. The aim is to buy back own shares for the maximum amount of 4,000,000 shares or 1,2% of issued shares, the total amount of the buy-back however not exceeding 600,000,000 ISK in purchase price.
The buy-back will be executed in stages, with the maximum amount of shares set at 194,000 shares equivalent to 25% of the average daily trade in the company‘s shares on Nasdaq OMX Iceland in September 2020. The share price shall not exceed the highest price in the last independent trade or highest existing bid in the Nasdaq OMX Iceland trading venue, which ever is higher.
The buy-back programme will start on Monday 5 October 2020 and remain in force until the Annual General Meeting of 2021 not exceeding 21 September 2021 unless the conditions on the maximum amount will be met before that time.
Arion bank will b the the mangager of the buy-back programme and independently adopt all decisions on the purchase of shares and timing.
The buy-back programme will be execute in accordance with the Company Act No 2/1995 and the annex to the Regulation on insider information and market abuse No 630/1995. Notices on trading in own shares will be published no later than at the end of the seventh trading day following the purchase of shares..
For further information contact Eggert Þór Kristófersson, CEO of Festi hf., (eggert@festi.is) and Magnús Kr. Ingason, CFO of Festi hf. (mki@festi.is)