SKEL fjárfestingafélag hf.: Buy-back Programme
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 9.04% of issued shares, the total amount of the buy-back however not exceeding 500,000,000 ISK in total purchase price. SKEL now holds 18,518,518 own shares or 0.956% of issued shares.
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 Monday 18 September 2023 and remain in force until 31 December 2023 unless the conditions on the maximum amount will be met before that time.
Fossar fjárfestingarbanki 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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