Kvika Banki hf. Conducts Share Buyback Transactions
Kvika banki hf. has recently undertaken a notable share buyback, acquiring a total of 4,459,947 shares for a total cost of 73,284,500 ISK. This action reflects the bank's dedication to delivering value to its shareholders. Below, you will find the detailed outcomes of these transactions:
Summary of Share Buyback Transactions
The bank's activities during week 35 illustrate a strategic method to repurchase shares. Here’s a summary of the executed transactions:
Date: 29.8.2024 - Time: 13:29:00 - Shares Purchased: 152,200 - Share Price: 16.350 ISK - Total Purchase Price: 2,488,470 ISK
Date: 30.8.2024 - Time: 10:06:25 - Shares Purchased: 3,000,000 - Share Price: 16.450 ISK - Total Purchase Price: 49,350,000 ISK
Date: 30.8.2024 - Time: 11:57:12 - Shares Purchased: 20,412 - Share Price: 16.350 ISK - Total Purchase Price: 333,736 ISK
Date: 30.8.2024 - Time: 13:54:17 - Shares Purchased: 25,000 - Share Price: 16.400 ISK - Total Purchase Price: 410,000 ISK
Date: 30.8.2024 - Time: 15:16:38 - Shares Purchased: 100,000 - Share Price: 16.400 ISK - Total Purchase Price: 1,640,000 ISK
Date: 30.8.2024 - Time: 15:29:43 - Shares Purchased: 1,162,335 - Share Price: 16.400 ISK - Total Purchase Price: 19,062,294 ISK
Total Shares Purchased: 4,459,947 - Total Purchase Price: 73,284,500 ISK
Overview of the Buyback Program
The recent share buyback transactions are part of Kvika’s ongoing buyback program, which began on July 4, 2024. This initiative is backed by a resolution from the shareholders' meeting held on March 21, 2024. It reflects the bank's strategy to enhance shareholder value and build trust in its operations.
Current Status of Kvika’s Shares
Prior to this buyback, Kvika owned 42,031,783 of its own shares. With the latest acquisitions, the total number of shares bought back has risen to 46,491,730, which is approximately 0.985% of the total shares issued by the company. The total amount spent on all shares acquired so far is 716,725,307 ISK, with a maximum intended purchase price set at 1,000,000,000 ISK. This strategic pricing demonstrates the bank's commitment to effectively managing its resources to enhance shareholder value.
Regulatory Compliance
Kvika's share buyback program is fully compliant with the Act on Public Limited Companies, specifically outlined in Act No. 2/1995. Additionally, it adheres to European Union regulations concerning market abuse, including the European Parliament's Regulation No. 596/2014. This compliance highlights the bank’s commitment to operating within legal frameworks while supporting its shareholders.
Future Plans for the Buyback Program
The buyback program is set to continue from July 4, 2024, until the annual general meeting in 2025, unless the maximum purchase price is reached sooner. This timeline provides the bank with the flexibility to manage its shareholding strategy and adapt to market conditions.
Contact Information
If you have any questions about this share buyback initiative or other inquiries, please contact Kvika’s investor relations at ir@kvika.is.
Frequently Asked Questions
What is the purpose of Kvika's share buyback program?
The main goal of the share buyback program is to return value to shareholders and strengthen investor confidence in the bank's operations.
How many shares has Kvika bought back in total?
Kvika has acquired a total of 4,459,947 shares as part of the recent buyback program.
What is the maximum purchase price for the buyback program?
The maximum purchase price for the buyback program is set at 1,000,000,000 ISK.
When was the buyback program initiated?
The buyback program was officially launched on July 4, 2024.
How can I get more details about Kvika's initiatives?
You can reach out to Kvika's investor relations for comprehensive information regarding their activities and any investor-related questions.
