Festi hf. Moves Forward with Share Capital Increase Plans
Festi hf. Moves Forward with Share Capital Increase Plans
During a recent period of share option exercises for employees at Festi, a total of 1,048,552 share options were successfully exercised. This event highlights the ongoing commitment to incentivize the workforce and reinforces the company's health in the marketplace. The exercise price for these options was set at ISK 187 per share, reflecting adjustments for dividends issued following the share option agreements.
The total payment resulting from this exercise amounted to ISK 196,079,224, which reflects both employee engagement and confidence in the company's future prospects. The Board of Directors at Festi has decided to utilize its authority, as specified in Article 5, Paragraph 5 of the company's Articles of Association, to facilitate a capital increase. This strategic move will ensure that the company meets its obligations arising from these share option agreements.
Details of the Capital Increase
As a result of this exercise, the company's share capital will see a significant increment of 1,048,552 shares. The new total nominal value of the shares will stand at ISK 312,548,552 post-increase. Each share retains a nominal value of one ISK and entitles its holder to one voting right within the company.
Registration and Listing Process
The necessary steps will be taken to notify and register this capital increase with the Icelandic Company Registration, marking a significant procedural milestone for Festi. Following this, the newly issued shares will be processed by the Nasdaq Central Securities Depository, and an application will be submitted for listing them on the Main Market of Nasdaq Iceland, thus widening the scope for potential investors.
Commitment to Growth and Employee Engagement
Festi’s decision to execute this capital increase is primarily aimed at fostering growth and reinforcing employee engagement. By offering share options, the company not only motivates its employees but also aligns their interests with the long-term success of the organization. Such strategies have been proven beneficial in enhancing productivity and loyalty within firms.
Contact Information for Further Inquiries
For those seeking additional information regarding this capital increase and its implications, Ásta S. Fjeldsted, the CEO of Festi, is available for inquiries at asta@festi.is. Additionally, Magnús Kr. Ingason, the CFO of the company, can be reached at mki@festi.is. Their insights can provide clarity on the company’s financial direction and benefits of the recent share options.
Frequently Asked Questions
What is the purpose of the capital increase?
The capital increase aims to fulfill obligations arising from employee share option agreements, enhancing workforce motivation and company growth.
How many shares were exercised in this capital increase?
A total of 1,048,552 shares were exercised during the first period under the employee share option plan.
What will be the new nominal value of the company's shares?
After the capital increase, the total nominal value of the company's shares will be ISK 312,548,552.
Who can I contact for more information?
For further inquiries, you can contact Ásta S. Fjeldsted at asta@festi.is or Magnús Kr. Ingason at mki@festi.is.
Where will the new shares be listed?
The new shares will be processed for listing on the Main Market of Nasdaq Iceland, broadening the opportunities for investment in the company.
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