The Board of Directors of Eimskip decided today to initiate a share buy-back program in accordance with approval of Eimskip shareholders’ meeting on 24 July 2018 with the main purpose of reducing the company’s share capital.
The authorization is to purchase once or more often for a term of 18 months from the meeting, provided that Eimskip and its subsidiaries may only own at most 10% of the company’s share capital. The number of shares to be acquired under the buy-back program will be up to 3,125,000 which amounts to ca. 1.6% of issued share capital of the company, at a total purchase price which may not exceed ISK 500,000,000 at market value. It is expected that the buy-back according to the program will start Monday, 2 December and will remain until the 24 January 2020, unless the conditions for maximum purchase are met before that time.
The purchase price for shares shall not be higher than the highest of the following; the last price of the previous trading day, the price of the last independent trade or the last independent bid in Nasdaq Iceland. The daily trade will not exceed 25% of the average daily volume of the shares traded for in November 2019. Therefore the maximum amount of shares per trading day will be 69,185 shares as of 2 December 2019.
The buy-back program will be managed by Íslandsbanki which will make its trading decisions regarding the purchases and the timing of the purchase, independently without influence by the company. The execution of the share buy-back program will be according to the provisions of Act respecting Public Limited Companies, no. 2/1995, and Appendix to Regulation on Insider Information and Market Manipulation no. 630/2005. Transactions with owns shares according to the buy-back program will be publicly disclosed no later than at the end of seventh business day following the day of execution of such transactions.
Eimskip’s treasury shares are 3,038,079 today.
For further information please contact Edda Rut Björnsdóttir via phone (+354) 825-3399 or investors@eimskip.is