Beskrivning
| Land | Island |
|---|---|
| Lista | Mid Cap Iceland |
| Sektor | Finans |
| Industri | Investeringar |
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Festi has entered into a new market making agreement with Arion Banki regarding the Company’s shares listed on the Main Market of Nasdaq Iceland. The agreement replaces the previous agreement between the same parties, which was announced on 29 June 2023. The purpose of the market making arrangement is to promote trading in Festi’s shares in order to support market price formation and ensure efficient and transparent price discovery.
Under the agreement, Arion Banki will, on each trading day, submit bid and offer quotes for shares issued by Festi in the trading system of Nasdaq Iceland. Each quote shall relate to a minimum of 100,000 shares at prices determined by the bank. The quotes shall be submitted in two parts. On the one hand, the bid-ask spread for quotes relating to 90,000 shares shall be determined with reference to the Exchange’s tick size table as applicable from time to time, so that the spread is as close as possible to 1.5%, but not lower than 1.45%. On the other hand, the bid-ask spread for quotes relating to 10,000 shares shall be determined with reference to the Exchange’s tick size table as applicable from time to time, so that the spread does not exceed 1.50%. Arion Banki is, however, permitted to submit quotes with a narrower spread, for example if special circumstances arise due to the tick size table.
If Arion Banki carries out trades in Festi’s shares through its trading book on the same trading day with an aggregate market value of ISK 80,000,000, the above-mentioned obligations regarding the maximum bid-ask spread shall no longer apply for that trading day. If the price change in the Company’s shares during a trading day exceeds 5%, the bank is permitted to double the above-mentioned spreads, and if the price change during a trading day exceeds 10%, the bank is permitted to triple them.
The agreement is entered into for an indefinite term and takes effect as of 26 January 2026. The agreement may be terminated by either party with 14 days’ notice.
For further information please contact Magnús Kr. Ingason, Chief Finance and Operations Officer at Festi, mki@festi.is