Skeljungur hf.: Transactions in relation to a share buy-back program
In week 12. and 13. 2020, Skeljungur purchased 7.000.000 of its own shares, at purchase price of ISK 52,850,000. See further details below:
| Date | Time | No. of shares bought | Share price (rate) | Purchase price (ISK) |
| 19.3.2020 | 14:44:25 | 1.000.000 | 7,55 | 7.550.000 |
| 20.3.2020 | 13:49:18 | 1.000.000 | 7,7 | 7.700.000 |
| 20.3.2020 | 15:21:33 | 500.000 | 7,7 | 3.850.000 |
| 23.3.2020 | 09:33:41 | 1.500.000 | 7,7 | 11.550.000 |
| 24.3.2020 | 15:05:54 | 1.500.000 | 7,4 | 11.100.000 |
| 25.3.2020 | 10:56:00 | 1.500.000 | 7,4 | 11.100.000 |
| Total | 7.000.000 | 52.850.000 |
The trade is in accordance with Skeljungur’s share buy-back program, announced to Nasdaq Iceland on March 18th, 2020. The main purpose of the program is to reduce the issued share capital of the company.
Skeljungur purchased in week 12 and 13 a total of 7.000.000 own shares. The purchase price for the bought shares is total ISK 52,850,000 which corresponds to 21,14% of the maximum amount that will be purchased for.
March 18th, 2020 it was announced that the share buy-back program was being initiated. At that time Skeljungur held 166,356,181 of own shares, or 7.7% of the issued share capital in the Company. At the Company's AGM on March 5, 2020, it was decided to reduce the Company's share capital from the nominal value of ISK 2,152,031,847 to the nominal value of ISK 1,985,675,666 through the cancellation of all the Company´s own shares. This reduction was registered March 19th, 2020 at The Icelandic Revenue and Customs Registration. Therefore, before the share buy-back Skeljungur owned no shares or 0% of the Company’s share capital.
Skeljungur now owns a total of 7.000.000 shares or 0,35% of the Company’s share capital.
According to the buy-back program the maximum purchase price may not exceed ISK 250.000.000, provided that Skeljungur and its subsidiaries shall only hold a maximum of 10% of the company´s shares. The share buy-back program will remain in effect until the Annual General Meeting in 2021, unless the conditions for maximum purchase are met before that time. The execution of the share buy-back program is in accordance with the Public Limited Company Act No. 2/1995 and Regulation on Insider Information and Market Manipulation No. 630/2005.
For further information please contact Ólafur Þór Jóhannesson, CFO,
Skeljungur is an energy company with operations in Iceland and in the Faroe Islands. Skeljungur sells fuel and oil to consumers and businesses in fisheries, agriculture, transportation, aviation and construction under the brands Skeljungur, Orkan, and Magn. Skeljungur is also in the retail market under the brand Kvikk. The company also sells fertilizer and other chemical products and is on the retail market. In Iceland the Company runs 65 gas stations and 4 oil depots. Magn P/F, Skeljungur´s subsidiary in the Faroe Islands, runs 11 retail and gas-stations and 2 oil depots. Magn also serves and sells oils for house heating to individuals and companies in the Faroe Islands. Skeljungur´s goal is to serve the energy needs of consumers and businesses in an efficient and safe way and in harmony with the environment.
