Kvika Banki hf. Announces Share Buyback Program Update
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Kvika Banki hf. Engages in Share Buyback Transactions
Kvika banki hf. recently conducted a significant buyback of its shares, purchasing a total of 4,459,947 shares at a purchase price of 73,284,500 ISK. This move demonstrates the bank's commitment to returning value to its shareholders. Below are the detailed results of the recent transactions:
Overview of Share Buyback Transactions
The bank's operations in week 35 reflect a strategic approach to share repurchase. Below is a summary of the transactions executed:
Date: 29.8.2024 - Time: 13:29:00 - No. of Shares Purchased: 152,200 - Share Price: 16.350 ISK - Purchase Price: 2,488,470 ISK
Date: 30.8.2024 - Time: 10:06:25 - No. of Shares Purchased: 3,000,000 - Share Price: 16.450 ISK - Purchase Price: 49,350,000 ISK
Date: 30.8.2024 - Time: 11:57:12 - No. of Shares Purchased: 20,412 - Share Price: 16.350 ISK - Purchase Price: 333,736 ISK
Date: 30.8.2024 - Time: 13:54:17 - No. of Shares Purchased: 25,000 - Share Price: 16.400 ISK - Purchase Price: 410,000 ISK
Date: 30.8.2024 - Time: 15:16:38 - No. of Shares Purchased: 100,000 - Share Price: 16.400 ISK - Purchase Price: 1,640,000 ISK
Date: 30.8.2024 - Time: 15:29:43 - No. of Shares Purchased: 1,162,335 - Share Price: 16.400 ISK - Purchase Price: 19,062,294 ISK
Total Shares Purchased: 4,459,947 - Total Purchase Price: 73,284,500 ISK
Details of the Buyback Program
The share buyback transactions align with Kvika’s ongoing buyback program, which was initiated on July 4, 2024. The program is supported by an authorization from the shareholders' meeting held on March 21, 2024. This initiative reflects the bank's strategy to enhance shareholder value and instill confidence in its operations.
Current Standing of Kvika’s Shares
Before the recent buyback, Kvika held 42,031,783 of its own shares. With the latest purchases, the total shares acquired under the buyback program rise to 46,491,730, representing around 0.985% of the total issued shares of the company. The cumulative purchase price for all shares acquired so far amounts to 716,725,307 ISK, with a maximum intended purchase price capped at 1,000,000,000 ISK. This strategic price point illustrates the bank's commitment to effectively utilize its resources for enhancing shareholder value.
Compliance and Regulations
The execution of Kvika's share buyback program adheres strictly to the Act on Public Limited Companies, specifically set out in Act No. 2/1995. Furthermore, the program complies with European Union regulations on market abuse, including the European Parliament's Regulation No. 596/2014. Such compliance underscores the bank’s dedication to operating within legal standards while working to support its shareholders.
Future Plans for the Buyback Program
The buyback program will remain effective from July 4, 2024, until the annual general meeting in 2025, unless the maximum purchase price is achieved earlier. This time frame allows flexibility in managing the bank's shareholding strategy and responding to market conditions.
Contact Information
For more information regarding this share buyback initiative or any other inquiries, please reach out to Kvika’s investor relations at ir@kvika.is.
Frequently Asked Questions
What is the purpose of Kvika's share buyback program?
The primary aim of the share buyback program is to return value to shareholders and reinforce investor confidence in the bank's operations.
How many shares has Kvika bought back in total?
Kvika has purchased a total of 4,459,947 shares under the recent buyback program.
What is the maximum purchase price for the buyback program?
The maximum purchase price for the buyback program is capped at 1,000,000,000 ISK.
When was the buyback program initiated?
The buyback program was officially announced on July 4, 2024.
How can I get more details about Kvika's initiatives?
You can contact Kvika's investor relations for detailed information regarding their activities and investor-related inquiries.
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