SKEL fjárfestingafélag hf.: Buy-back Program
12 Julio 2023 - 5:33AM
SKEL fjárfestingafélag hf.: Buy-back Program
The Annual General Meeting of SKEL fjárfestingafélag hf. held 9
March 2023 authorized the Board of Directors, pursuant to Article
55 of the Company Act No 2/1995, to purchase upto 10% of the
company‘s shares on its behalf. The purpose of the program is to
decrease the number of issued shares.
The Board of Directors of SKEL has on the basis of the mandate
issued by the Annual General Meeting adopted a decision on the
execution of a buy-back program. The aim is to buy back own shares
for the maximum amount of 18.518.518 shares or 0.956% of issued
shares, the total amount of the buy-back however not exceeding
250,000,000 ISK in total purchase price.
The buy-back will be executed in stages, with the maximum amount
of shares equivalent to 25% of the average daily trade in the
company‘s shares on Nasdaq OMX Iceland for the previous 20 business
days. The share price shall not exceed the highest price in the
last independent trade or highest existing bid in the Nasdaq OMX
Iceland trading venue, which ever is higher.
The buy-back program will start on Thursday 13 July
2023 and remain in force until 31 December 2023 unless the
conditions on the maximum amount will be met before that time.
Kvika banki hf. are managing the buy-back program and
independently adopt all decisions on the timing of the purchase of
shares.
The buy-back program will be executed in accordance with the
Company Act No 2/1995 and the annex to the Regulation on insider
information and market abuse No 630/1995. Notices on trading in own
shares will be published no later than at the end of the seventh
trading day following the purchase of shares.
For further information contact Magnús Ingi Einarsson, CFO of
SKEL fjárfestingafélag hf., magnus@skel.is.
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