Kvika banki hf.: Transaction in relation to a share buyback programme
In week 37 Kvika banki hf. („Kvika“ or „the bank“) purchased 4,250,000 of its own shares at the purchase price 69,581,250 ISK. See further details below:
|Date||Time||No. of shares purchased||Share price (rate)||Purchase price|
The trade is in accordance with Kvika‘s buyback programme, announced on 23 June 2023 and based on the authorisation of a shareholders‘ meeting of Kvika held on 30 March 2023.
Kvika held 50,450,000 own shares prior to the notified transacton and has, thus, purchased a total of 54,700,000 shares under the buyback programme, which corresponds to 1.144% of issued shares in the company. Total purchase price is 934,565,750 ISK. Buyback under the programme will amount to a maximum purchase price of 1,000,000,000 ISK.
The buyback programme is in effect from 23 June 2023 until Kvika‘s annual general meeting 2024, unless the maximum purchase price will be reached before that time.
The execution of the buy-back programme must comply with Act on Public Limited Companies, No. 2/1995. In addition, the buy-back programme 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 programmes and stabilisation measures, which supplements that Regulation, cf. Act No. 60/2021 on Actions against Market Abuse.
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