Eimskip: Share buy-back program initiated
31 May 2022 - 3:35AM
Eimskip: Share buy-back program initiated
At the Annual General Meeting of Eimskip on 17 March 2022 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 and/or
to fulfil the company’s obligations in accordance with the stock
option plan approved at the same meeting.
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 and/or to
fulfil the Company’s obligations in accordance with the stock
option plan of the company.
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
1,730,000 which amounts to ca. 1.0% of issued share capital of the
company, at a total purchase price which may not exceed ISK
900,000,000 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 April 2022 on
Nasdaq Iceland. Therefore, the maximum number of shares that may be
purchased per trading day will be 122,558 shares as of 1 June
2022.
The buy-back program will be managed by Arion bank 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 1 June 2022 and the buy-back program is
in force until 17 September 2023, 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 31,307 today.
For further information please contact Edda Rut Björnsdóttir,
Executive Vice President of Human Resources & Communications,
tel: +354 825-3399, or email: investors@eimskip.is.
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