Heimar hf. Initiates Share Buy-Back Program
Heimar hf. has received the green light from shareholders during the recently held Annual General Meeting to embark on a strategic buy-back program. This program allows the Company to repurchase up to 10% of its issued shares, a decision made in alignment with Article 55 of the Act on Public Limited Companies No. 2/1995.
Objective of the Buy-Back Program
The main focus of the initiative is to reduce the overall number of shares available in the market, which could help improve the value of existing shares for shareholders. The total expenditure for this buy-back will not exceed ISK 500,000,000, and the actual number of shares acquired will depend on the trading price at the time of purchase. Currently, Heimar holds 31,445,833 shares directly.
Execution and Oversight
The execution of the buy-back program will be overseen by Íslandsbanki, which will independently manage all aspects related to the timing and acquisition of the shares. This ensures that the buy-back process is conducted fairly and efficiently, adhering to all regulatory frameworks.
Compliance with Regulations
Heimar’s buy-back program will be implemented in strict accordance with the laws governing public companies, including Article 5 of the Regulation of the European Parliament and of the Council No. 596/2014 regarding market abuse. The Company will also follow the guidelines set forth by the Commissions Delegated Regulation No. 2016/1052, considering the relevant legislation on actions against market fraud.
Buy-Back Program Structure
The program will proceed in stages, allowing for a maximum purchase of shares equivalent to 25% of the average daily trade volume over the last 20 business days. Additionally, the price paid for the shares will not surpass the most recent independent transaction or the highest outstanding purchase bid in the Icelandic trading venue.
Timeline for Execution
The buy-back program is scheduled to begin effective November 20, 2024, and will continue until the next Annual General Meeting of the Company, unless the maximum buy-back limit is reached earlier. Notably, Heimar retains the discretion to adjust the total budget allocated for the program or halt it entirely if deemed necessary.
Transparency and Reporting
Heimar is committed to transparency throughout the buy-back process, and any transactions executed under this program will be formally announced in compliance with applicable legal requirements. This consistent communication will ensure shareholders are kept informed about any developments concerning the buy-back activities.
Contact Information
For more detailed inquiries, stakeholders can reach out to Björn Eyþór Benediktsson, CFO of the Company, at eythorb@heimar.is. This channel remains open for questions regarding the buy-back program or any aspect of Heimar's corporate strategy.
Frequently Asked Questions
What is the purpose of Heimar hf.'s share buy-back program?
The purpose is to reduce the number of shares available in the market, which can enhance the value for existing shareholders.
How much money will Heimar allocate for the buy-back?
Heimar has set a buy-back budget of ISK 500,000,000.
Who will manage the buy-back program?
Íslandsbanki will manage the execution of the buy-back program independently of Heimar.
When will the buy-back program start?
The buy-back program is set to commence on November 20, 2024.
How will Heimar communicate about the buy-back transactions?
Heimar will publish notices regarding the trading in own shares in accordance with legal requirements.
