Íslandsbanki hf.: Announcement on implementation of a share repurchase programme
Prenumeration
Beskrivning
| Land | Island |
|---|---|
| Lista | Large Cap Iceland |
| Sektor | Finans |
| Industri | Storbank |
The Annual General Meeting of Íslandsbanki hf. (the Bank), which was held on 31 March 2025, authorised the Bank's Board of Directors to acquire during a period of 18 months from its approval, up to 10% of the issued share capital of the Bank for the purposes of setting up a formal share repurchase programme or to offer shareholders to sell their shares to the Bank. The purpose is to reduce the Bank's share capital.
The Bank has, on the basis of the aforementioned authorisation, decided to launch a share buy-back programme with the purpose of reducing the Bank's share capital. As announced by the Bank on 5 February 2025 the Financial Supervisory Authority of the Central Bank of Iceland granted the Bank the authorisation to buy back own shares for up to the amount of ISK 15 billion market value. That amount is in addition to the ISK 949,300,086 remaining from the ISK 10 billion repurchase programme which implementation was announced on 14 June 2024.
Authorised and issued share capital of the Bank is 1,880,470,770 million ordinary shares of ISK 5 each. At the date of this announcement the Bank holds 6,920,000 own shares.
In this instance, the Bank aims to repurchase a maximum of 26,000,000 own shares equivalent to 1.38% of issued shares, the total purchase price for repurchased shares in this instance shall however not exceed ISK 3,000,000,000 in total. The repurchases will launch on 8 July 2025 and remain in force until 30 September 2025, unless the conditions on the maximum amount of shares or purchase price will be met before that time.
The repurchase price for each share shall not exceed the highest price in the last independent trade or highest current independent purchase bid on the Main Market of Nasdaq Iceland. Repurchase of own shares in accordance with the aforesaid shall, on any trading day, not exceed 25% of the average daily volume of the Bank's shares on the Main Market of Nasdaq Iceland in the month of June 2025.
Fossar fjárfestingarbanki hf. manages the repurchase of the Bank's own shares and independently adopts all decisions on the timing of the purchase of shares.
The share repurchase programme will be carried out in accordance with the applicable law, including the Act on limited liability companies No. 2/1995, Regulation No. 596/2014 of the European Parliament and of the Council on market abuse, Commission delegated regulation (EU) 2016/1052, the Act on Measures Against Market Abuse No. 60/2021 and rules No. 1275/2024 on the same subject. The approval of the Financial Supervisory Authority of the Central Bank of Iceland for the Bank's repurchase of own shares has been obtained.
Notices on trading in own shares will be announced no later than at the end of the seventh trading day following the purchase of shares.
This announcement is released by Íslandsbanki hf. and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the share repurchase programme described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Ellert Hlöðversson, CFO of Íslandsbanki hf.