Síminn hf. – Reduction of share capital
At the general meeting of Síminn hf. on 9 March 2023, two separate proposals from the company's board of directors to reduce the company's share capital were approved. In total, the share capital decreases by ISK 1,625,000,000 in nominal value and the share capital after the change will be ISK 2,775,000,000.
The first proposal relates to the reduction of share capital due to own shares. The reduction amounts to ISK 185,000,000 in nominal value that generates from own shares that the company has acquired through buyback plans. A request has been sent to Nasdaq and the reduction will be carried out on Friday, 17 March 2023. The share capital after the first reduction will in total be ISK 4,215,000,000.
The second proposal relates to the reduction of share capital with cash payment to shareholders. The reduction amounts to ISK 1,440,000,000 in nominal value. The reduction amount that exceeds the nominal value, or ISK 14,260,000,000 will reduce retained earnings. The total payment will therefore be ISK 15,700,000,000 and paid to shareholders proportionally in accordance with their share capital based on registration in the share register at the end of Thursday, 30 March 2023. The last trading day with rights to payment due to the reduction of share capital is therefore Tuesday, 28 March 2023. The share capital after the second reduction will then total ISK 2,775,000,000. All conditions for the disbursement have now been met and its implementation will be as follows:
- Ex-date -1: 28 March 2023
- Ex-date: 29 March 2023
- Record date: 30 March 2023
- Reduction date/payment date: 31 March 2023
Below is more information regarding the dates specified in the implementation of the share capital reduction.
Ex-date - 1* - Last trading day
- Last trading day with shares if the current shareholder intends to sell before the reduction is carried out.
- The buyer of the shares will receive the shares before the reduction is carried out and will be paid ISK in accordance with the decision of the shareholders' meeting.
- Shares of shareholders who sell their shares on this date or later will be reduced, and the shareholder will be paid ISK in accordance with the decision of the shareholders' meeting.
- The seller must bear in mind the possibility that the shares he sells will be reduced before the delivery of the shares, which may result in the person not keeping the number of shares he must deliver.
- The shares of a buyer who buys shares in Síminn on this date or later will not be reduced and, as a result, the buyer will not be paid.
- The share capital of the shareholders registered in the company's shareholder register at the end of this day will decrease in accordance with the decision of the shareholders' meeting.
Reduction date/Payment date
- The issued nominal value of shares in Síminn will decrease by ISK 1,440,000,000 on the morning of the reduction day.
- Those shareholders who hold shares at the end of the Record date will be paid ISK in accordance with the previously published notice of the results of the shareholders' meeting.
* Here it is assumed that transactions are with T+2 settlement.
For further information contact Investor relations at firstname.lastname@example.org.
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