Heimar hf. Initiates a Share Buy-Back Program
In a significant move to enhance shareholder value, Heimar hf. has gained approval for a share buy-back program at its recent Annual General Meeting. This decision allows the Company to purchase up to 10% of its issued shares, a strategic method aimed at returning capital to its shareholders while potentially boosting the stock price.
Program Details and Execution
The Board of Directors, leveraging the mandate from shareholders, has set forth plans to initiate the buy-back program. The total spend for the buy-back is capped at ISK 500,000,000, with the number of shares to be purchased determined by the market price at the time of acquisition. Currently, Heimar does not hold any shares, making this program an initial step into active share management.
Supervision by Íslandsbanki
Overseeing the buyback operations, Íslandsbanki will manage the execution of the program independently from Heimar. This ensures a transparent and professional approach to share acquisition, as the bank will also take charge of decisions regarding timing and pricing.
Regulatory Compliance
The buy-back is structured to comply stringently with the legal requirements under the Act on Public Limited Companies and relevant EU regulations. Specifically, it aligns with the Act on Actions against Market Fraud, maintaining ethical standards and protecting investor interests. The program will unfold in phases, adhering to a limit where the total shares acquired will not surpass 25% of the average daily trading volume over the last 20 business days. This approach adds a layer of market stability.
Buy-Back Duration and Conditions
Set to commence on April 8th, the buy-back program is eligible to continue until the next Annual General Meeting in 2026, unless the full budget is utilized beforehand. Importantly, Heimar reserves the right to reduce the total expenditure allocation or halt the buy-back at any point.
Transparency and Communication
Heimar is committed to transparent operations; therefore, all transactions relating to the buy-back will be publicly announced in a timely manner as dictated by legal frameworks. Whether through press releases or official announcements, stakeholders can expect clarity on the program's progress.
Final Remarks on Official Versions
It is prudent to note that in cases of any discrepancies between the English and Icelandic announcements, the Icelandic version will take precedence. This ensures compliance with local regulatory requirements and protects the interests of Icelandic stakeholders.
Contact Information
For more insights into this share buy-back program or any queries related to Heimar hf., interested parties can reach out to Björn Eyþór Benediktsson, the CFO, at eythorb@heimar.is.
Frequently Asked Questions
What is the purpose of the share buy-back program?
The program aims to reduce the total number of outstanding shares, thereby increasing shareholder value and potentially elevating the stock price.
How much is Heimar allowed to spend on the share buy-back?
Heimar has set a spending limit of ISK 500,000,000 for the share buy-back program.
Who will manage the buy-back operations?
Íslandsbanki is appointed to supervise and manage the buy-back operations on behalf of Heimar hf.
When does the buy-back program start and end?
The buy-back program is set to begin on April 8th and will last until the Annual General Meeting in 2026, unless the budget is depleted earlier.
What will happen if there are discrepancies between language versions?
In case of any discrepancies between the English and Icelandic versions of announcements, the Icelandic version will prevail.
