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 ()
