Stock repurchase program launched on the Icelandic Stock Exchange: MAREL
The board of directors of Marel hf. has decided to launch a new share buyback program for a maximum of 25,000,000 shares of the Company, or approximately 3.2% of the total issued share capital of the Company. The purpose of the buyback program is to reduce the share capital of the Company and to comply with the obligations of the Company in the context of employee share incentive programs.
Marels' own shares currently represent 10,773,814, or 1.4% of the issued share capital of the Company. The buyback program must comply with the provisions of the Icelandic Securities Transactions Law No. 108/2007, the annex to the Icelandic Rules on Inside Information and Market Manipulation No. 630/2005, the Regulations No 596/2014 of the European Parliament and of the Council on market abuse ("MAR") and Commission Delegated Regulation 2016/1052.
The repurchase program will be managed by Kvika banki hf., Which will take its trading decisions concerning the company's shares independently and without influence from the company as regards the timing of purchases. The execution of the share buyback program will comply with the provisions of Law No. 2/1995 on public limited companies and the appendix to Regulation No. 630/2005 on inside information and the market manipulation. The purchase price of the shares must not be higher than the price of the last independent transaction or the last independent offer in Nasdaq Iceland, whichever is greater. Purchases under the program will be divided into numerous transactions. However, daily trading will not exceed 25% of the average daily volume of shares traded in February 2020 on the Nasdaq Iceland, which stands at 313,752 shares. Transactions in treasury shares under the buyback program will be made public at the latest at the end of the seventh working day following the day of execution of these transactions. The program will end no later than September 4, 2020, but the Company is authorized to discontinue the program at any time.
In accordance with an authorization granted by the Annual General Meeting of the Company in March 2019, the Company can buy own shares up to 10% of the share capital of the Company. The requirements of article 55 of law no. 2/1995 are taken into account when purchasing own shares. The authorization is valid until September 6, 2020.
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