Brief: Festi Initiates Buy-back Programme

Festi hf

05/10/2020 08:18

Oct 5 (Reuters) - Festi hf.  FESTI.IC :
    * SAID ON SUNDAY BOARD OF DIRECTORS HAS ON THE BASIS OF THE
MANDATE ISSUED BY THE ANNUAL GENERAL MEETING ADOPTED A DECISION
ON THE EXECUTION OF A BUY-BACK PROGRAMME
    * AIM IS TO BUY BACK OWN SHARES FOR THE MAXIMUM AMOUNT OF
4,000,000 SHARES OR 1,2% OF ISSUED SHARES, THE TOTAL AMOUNT OF
THE BUY-BACK HOWEVER NOT EXCEEDING 600,000,000 ISK IN PURCHASE
PRICE
    * BUY-BACK WILL BE EXECUTED IN STAGES, WITH THE MAXIMUM
AMOUNT OF
SHARES SET AT 194,000 SHARES EQUIVALENT TO 25% OF THE AVERAGE
DAILY TRADE IN THE COMPANY‘S SHARES ON NASDAQ OMX ICELAND IN
SEPTEMBER 2020
    * 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.
    * BUY-BACK PROGRAMME WILL START ON MONDAY 5 OCTOBER 2020 AND
REMAIN IN FORCE UNTIL THE ANNUAL GENERAL MEETING OF 2021 NOT
EXCEEDING 21 SEPTEMBER 2021 UNLESS THE CONDITIONS ON THE MAXIMUM
AMOUNT WILL BE MET BEFORE THAT TIME

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nGNE9XzwCq
    
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