Eimskip: Share buy-back program initiated
October 10 2023 - 3:53PM
Eimskip: Share buy-back program initiated
At the Annual General Meeting of Eimskip on 9 March 2023 the
shareholders approved to authorize the Board of Directors to buy up
to 10% of issued shares in the company. The authorization should be
used among other things for setting up a formal share repurchase
program with the aim of reducing the company’s share capital.
The Board of Directors of Eimskip decided today to initiate a
new share buy-back program, in accordance with the approval, with
the main purpose of reducing the company’s share capital.
The authorization is valid for a term of 18 months from the
Annual General Meeting, provided that Eimskip and its subsidiaries
may own maximum 10% of the company’s share capital. The number of
shares to be acquired under the buy-back program will be up to
2,150,000 which amounts to ca. 1.28% of issued share capital of the
company, at a total purchase price which may not exceed ISK
1,000,000,000 at market value.
The purchase price for the shares shall not be higher than the
price of the last independent trade or the highest independent bid
in Nasdaq Iceland at the time of the transaction. The total number
of shares that may be purchased on a single trading day will not
exceed 25% of the average daily trading volume in September 2023 on
Nasdaq Iceland. Therefore, the maximum number of shares that may be
purchased per trading day will be 33,000 shares as of 11 October
2023.
The buy-back program will be managed by Artica Finance hf. which
will make its trading decisions regarding the purchases and the
timing of the purchase, independently without influence by the
company. According to an agreement between the parties Arion bank
can start the buy-back on 11 October 2023 and the buy-back program
is in force until 9 September 2024, unless the conditions for
maximum purchase are met before that time.
The execution of the buy-back program must comply with Act on
Public Limited Companies, No. 2/1995. In addition, the buy-back
program must be implemented as provided for in the Regulation of
the European Parliament and of the Council no. 596/2014, on market
abuse, as well as the Commission Delegated Regulation (EU)
2016/1052 on regulatory technical standards for the conditions
applicable to buy-back programs and stabilization measures, which
supplements that Regulation.
Transactions with own shares according to the buy-back program
will be publicly disclosed no later than at the end of seventh
business day following the day of execution of such
transactions.
Eimskip’s treasury shares are 1.725.320 today or the equivalent
of 1,03% of issued shares in the Company.
FURTHER INFORMATIONMaría Björk Einarsdóttir,
CFO, tel: +354 774 0604, email: investors@eimskip.comGuðbjörg
Birna Björnsdóttir, Head of Treasury and Investor Relations, tel:
+354 844 4752, email: investors@eimskip.com
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