Marel – Share buy-back program initiated
Marel‘s Shareholders‘ meeting, held on 22 November 2018, authorized the Board of Directors of Marel to initiate a share buyback program that complies with the provisions of Act on Securities Transactions No. 108/2007 and appendix to Regulation on Insider Information and Market Manipulation No. 630/2005. The main purpose of the program shall be to reduce the company‘s share capital and to meet the company‘s obligations under share incentive programs with employees. The number of shares to be acquired under the buy-back program shall be up to 34,129,296, which amounts to 5% of issued share capital of the company.
The Board of Directors of Marel hf. has now decided to initiate a share buy-back program based on the aforementioned authorization in two parts. The maximum number of shares to be purchased according to the first part of the program during the period 4 December 2018 to 5 March 2019 (incl.) will be 17,305,940 or about 2.5% of the total issued share capital in the company. Marel‘s own shares currently amount to 6,690,550 or 0.98% of issued share capital in the company.
The buy-back program will be managed by Landsbankinn, which will make its trading decisions in relation to the company‘s shares independently of, and without influence by, the company with regard to the timing of the purchases. The execution of the share buy-back program will be according to the provisions of Act no. 2/1995 respecting Public Limited Companies and appendix to Regulation on Insider Information and Market Manipulation No. 630/2005. The purchase price for shares shall not be higher than the price of the last independent trade or the last independent bid in Nasdaq Iceland, whichever is higher. Purchases under the program shall be divided into numerous transactions. However the daily trade will not exceed 25% of the average daily volume of the shares traded in November 2018, which amounts to 283,704 shares. Transactions with owns shares according to the buy-back program will be publicly disclosed no later than the end of the seventh business day following the day of execution of such transactions.
