Overview of Festi hf. Buyback Program
In the latest week of activity, Festi hf. successfully acquired a total of 165,000 of its own shares, investing 47,025,000 ISK in this endeavor. The buyback demonstrates Festi's commitment to enhancing shareholder value and laying a solid foundation for future growth.
Details of Share Purchases
The shares were purchased across several transactions during week 27. On June 30, 2025, Festi acquired 50,000 shares at a price of 285.00 ISK each, totaling 14,250,000 ISK. Following that, on July 1, 2025, 40,000 shares were purchased under similar conditions for another 11,400,000 ISK. The buying continued with 50,000 shares on July 2 and 25,000 shares on July 3, maintaining the pricing strategy which saw each share valued at 285 ISK.
Summary of Purchases
Across these four transactions, the cumulative totals stand at 165,000 shares acquired at prices consistent with the market, showcasing a firm strategy aligned with the objectives of the buyback program. This program is outlined in Festi's prior announcement and aims to repurchase a total of 2,500,000 shares or 0.80% of issued shares, with a capped purchase price of 800 million ISK.
Compliance with Regulations
Festi's actions in this buyback are carefully governed by the relevant legislation, including the Act on Public Limited Companies and applicable European regulations against market abuse. By adhering to these regulations, Festi ensures its operations maintain transparency and integrity, crucial for sustaining investor trust.
Current Holdings and Future Plans
Prior to this purchase, Festi held 246,226 shares, which constituted 0.08% of its issued shares. Post the recent buybacks, the company now holds a total of 411,226 shares making up 0.13% of the total issued stock. This increase is part of a broader strategy to manage share capital efficiently.
Contact Information for Shareholders
Festi encourages shareholders to reach out for any further inquiries regarding the buyback program. Magnús Kr. Ingason, CFO of Festi hf., is available for contact at mki@festi.is.
Frequently Asked Questions
What is the total number of shares Festi hf. plans to repurchase?
Festi hf. plans to repurchase a total of 2,500,000 shares under its buyback program.
How much has Festi hf. spent on the share buyback so far?
So far, Festi hf. has spent 47,025,000 ISK on purchasing 165,000 shares.
Who can shareholders contact for more information about the buyback?
Shareholders can contact Magnús Kr. Ingason, the CFO of Festi hf., at the provided email address for more information.
What percentage of issued shares does Festi hold after the buybacks?
Post buybacks, Festi now holds 0.13% of the issued shares.
What regulations govern Festi's buyback program?
The buyback program is governed by the Act on Public Limited Companies and related European regulations on market abuse.
