Eimskip to Initiate Standard Share Buyback Program
In a recent development, Eimskip announced that no offers were received during the reverse auction buyback. As a result, the company has decided to transition to a standard share buyback that aligns with its ongoing buyback program. This strategic decision aims to optimize shareholder value and ensure the efficient use of capital.
Details of the Buyback Program
Under the new standard buyback program, Eimskip plans to acquire up to 2,250,000 shares. The total purchase price for this buyback may not exceed ISK 750,000,000. The execution of this program will adhere to established regulations and legal frameworks to maintain compliance and protect the interests of all stakeholders.
Compliance and Regulatory Framework
Eimskip's buyback execution will be conducted in accordance with the Act on Public Limited Companies, No. 2/1995, ensuring that all actions taken are within legal boundaries. Additionally, the buyback will comply with Regulation (EU) No. 596/2014 concerning market abuse and the relevant Commission Delegated Regulation (EU) 2016/1052, which outlines the technical standards applicable to buyback programs. The program will also follow the Icelandic Act on Measures Against Market Abuse No. 60/2021.
Current Ownership Situation
As of now, Eimskip holds 1,725,320 of its own shares, which constitutes approximately 1.04% of the company’s total share capital. This ownership level indicates a commitment to enhancing shareholder returns while maintaining a strategic balance of equity.
Future Outlook for Eimskip
The initiation of a standard share buyback program reflects Eimskip's confidence in its operational capacity and financial stability. By engaging in this buyback, the company aims to reinforce shareholder trust and attract further investments. This decision underscores the management's commitment to creating long-term value and resilient market presence.
Contact Information for Inquiries
For further information about the share buyback program, interested parties can reach out to:
Rósa Guðmundsdóttir, CFO, Phone: 844 4776, Email: investors@eimskip.com
Guðbjörg Birna Björnsdóttir, Head of Treasury & Investor Relations, Phone: 844 4752, Email: investors@eimskip.com
Frequently Asked Questions
What is the purpose of Eimskip's share buyback program?
The share buyback program aims to enhance shareholder value by reducing the number of shares in circulation, thereby increasing earnings per share.
How many shares does Eimskip plan to buy back?
Eimskip plans to acquire up to 2,250,000 shares under its standard buyback program.
What will be the maximum purchase price for the buyback?
The total purchase price for the buyback may not exceed ISK 750,000,000.
Who can I contact for more information about the buyback?
For more information, you can contact Rósa Guðmundsdóttir or Guðbjörg Birna Björnsdóttir as listed in the announcement.
What regulations govern the execution of the buyback?
The buyback will comply with the Act on Public Limited Companies and relevant EU regulations on market abuse.
