Heimar hf.: Launch of Share Buy-Back Program
21 November 2024 - 2:40AM
UK Regulatory
Heimar hf.: Launch of Share Buy-Back Program
At the Annual General Meeting of Heimar hf. ("Heimar" or "the
Company") on March 12th, 2024, the shareholders approved to
authorize the Board of Directors, pursuant to Article 55 of the Act
on Public Limited Companies No. 2/1995, to purchase up to 10% of
issued shares in the company.
The Board of Directors of Heimar has, based on this mandate
issued by the Annual General Meeting, decided on the execution of a
buyback program. The purpose of the program is to decrease the
number of issued shares. The amount of the buy-back will not exceed
ISK 500.000.000 in total purchase price. The number of shares
are determined by the purchase price of the shares at the time of
execution of the buyback. As of today, Heimar does own 31,445,833
shares.
Íslandsbanki will supervise the execution of the buyback program
and make all decisions regarding the acquisition of shares,
including timing, independently of Heimar.
The buyback program will be executed in accordance with the Act
on Public Limited Companies, No. 2/1995, Article 5 of the
Regulation of the European Parliament and of the Council No.
596/2014, on market abuse, as well as the Commissions Delegated
Regulation No. 2016/1052, cf. the Act on Actions against Market
Fraud No. 60/2021.
The buyback program will be executed in stages, with the maximum
amount of shares equivalent to 25% of the daily average trade in
the company’s share on Nasdaq OMX Iceland last 20 business days
prior to execution of the buyback. The share price shall not exceed
the last independent transaction or highest independent existing
purchase bid in the Nasdaq OMX Iceland trading venue, whichever is
higher. The buyback will be effective from today, 20th November
2024, and until the Company‘s Annual General Meeting in 2025,
unless the conditions on the maximum amount of the buyback program
will be reached prior to that date. Heimar has an authority to
lower the maximum amount of the total purchase price or stop the
execution of the share buyback program at any time.
Notices on trading in own shares according to the buyback program
will be published in accordance with applicable laws.
For further information please contact:
Björn Eyþór Benediktsson, CFO, eythorb@heimar.is
Heimar Hf (LSE:0Q8S)
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