The Annual General Meeting of Festi held 22 March 2021 empowered the Board of Directors, pursuant to Article 55 of the Company Act No 2/1995, to purchase in the next 12 months upto 10% of the company‘s shares on its behalf. The purpose of the program 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 program. The aim is to buy back own shares for the maximum amount of 2,090,623 shares or 0,65% of issued shares, the total amount of the buy-back however not exceeding 430,000,000 ISK in total purchase price.
The buy-back will be executed in stages, with the maximum amount of shares purchased per day are set at 250,000 shares equivalent to 20% of the average daily trade in the company‘s shares on Nasdaq OMX Iceland in May 2021. 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 program will start on Monday 21 June 2021 and remain in force until 30 July 2021 unless the conditions on the maximum amount will be met before that time.
Íslenskir Fjárfestar are managing the buy-back program and independently adopt all decisions on the timing of the purchase of shares.
The buy-back program will be executed 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 Magnús Kr. Ingason, CFO of Festi hf. ([email protected])