Business
Iceland Stock Exchange Repurchase Program: FESTI
At the Festi hf. On March 21, 2019, the shareholders decided to authorize the board of directors to proceed with a repurchase of a maximum of 10% of the treasury shares for a period of 18 months, either through A buyback program, either by a general offer to shareholders, including a call for tenders, provided that equal treatment of shareholders is guaranteed.
Given the aforementioned authorization, the board of directors of Festi has decided to implement a share buyback program in order to reduce the issued share capital. The program will start on March 3 and will cover a maximum of 5,000,000 shares or 1.5% of the shares issued. The company currently owns 1,000,000 shares. The duration of the program is until March 23, 2020 or the date of the 2020 Annual General Meeting.
slenskir fjrfestar hf. have been engaged to execute the program which will be carried out in accordance with Law No 2/1995 on public limited companies and Annex II to Regulation No 630/2005 on inside information and market abuse.
The purchase will be made in stages, the maximum repurchase per day to 539,469 shares or 25% of the average daily trade of the company's shares on the Icelandic Nasdaq market in February 2020. The purchase price must be equal to the highest independent registered offer of shares of the company on the trading platform at the time of the offer. Transactions concluded on the basis of this buyback program will be published in accordance with applicable laws and regulations.
For more information, contact Eggert r Kristfersson, CEO of Festi hf., ([email protected])
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