Kvika banki hf.: Notification regarding execution of buyback programme
July 04 2024 - 1:02PM
Kvika banki hf.: Notification regarding execution of buyback
programme
At the Annual General Meeting of Kvika banki hf. (“Kvika” or the
“bank”) on 21 March 2024, the shareholders approved to authorise
the board of directors to buy up to 10% of issued shares in the
bank, to among other things enable the board of directors to carry
out a formal buyback programme.
On the basis of that approval, the board of directors of Kvika
decided on 4 July 2023 to exercise a part of that authorisation and
establish a buyback programme to carry out the purchase of shares
for total consideration amount of ISK 1,000,000,000 but for no
higher nominal amount than 100,000,000 shares, for the purpose of
reducing Kvika's issued share capital. Kvika does not currently own
any own shares.
Landsbankinn hf. („Landsbankinn“) will be supervising the
execution of the buyback programme and making all decisions
regarding the acquisition of shares and the timing of the
acquisitions independently of Kvika. The execution of the buyback
programme must comply with Act on Public Limited Companies, No.
2/1995. In addition, the buy-back programme must be implemented as
provided for in the Regulation of the European Parliament and of
the Council no. 596/2014, on market abuse, as well as the
Commission Delegated Regulation (EU) 2016/1052 on regulatory
technical standards for the conditions applicable to buy-back
programmes and stabilisation measures, which supplements that
Regulation. When deciding on and executing a buyback programme, the
above-mentioned provisions will be complied with as currently
applicable, and the implementation of such a programme shall ensure
transparency in such transactions with own shares.
The execution of the buyback programme is conducted in such a
way that purchases each day do not exceed a maximum of 25% of the
daily average turnover of Kvika‘s shares in 20 days preceding the
day of purchase and the maximum price of the purchases shall be the
amount of the last independent transaction or highest independent
existing purchase bid in the Nasdaq Iceland stock exchange.
Landsbankinn can, according to agreement between the parties, start
the buy back on 12 July 2024 and the buy-back programme is in force
until Kvika's annual general meeting 2025, or until the repurchase
for total consideration amount of ISK 1,000,000,000 is completed,
whichever comes first.
The bank’s trading in own shares pursuant to the buyback
programme shall be declared in accordance with law and
regulations.
Further information please contact Kvika‘s investor relations
at ir@kvika.is