Festi hf. Reports Significant Share Buyback Highlights
Festi hf. Share Buyback Program Overview
Recently, Festi hf. has made impressive strides with its share buyback program. This remarkable initiative demonstrates the company's commitment to increasing shareholder value. In one week alone, the firm successfully acquired 140,000 of its own shares, investing a total of 42,740,000 ISK. This significant buyback not only reflects confidence in its market position but also fosters trust among investors.
Details of the Buyback Program
The buyback program is structured meticulously, following rigorous regulations. During the allotted week, the transactions took place on several days, showcasing a disciplined approach to reacquire shares at varying prices. Here is a snapshot of the buyback activity:
Summary of Transactions
On the first day, 40,000 shares were purchased at a price of 307 ISK per share, costing 12,280,000 ISK overall. The following day saw a repetition of this acquisition, with another 40,000 shares bought at the same price. As the week progressed, purchases continued, totaling 30,000 shares on both the 17th and 18th, priced at 303 ISK each, adding to the overall investment into the company's shares.
Total Buyback Insights
By the end of the buyback week, Festi hf. had increased its total own shares purchased to 1,925,000 since the program's initiation, totaling 577,450,000 ISK. The company now holds 2,171,226 own shares, representing approximately 0.69% of its total issued shares. This increase demonstrates a calculated effort to enhance shareholder returns continually.
Compliance and Strategic Goals
The execution of this buyback is in full compliance with relevant regulations, specifically the Act on Public Limited Companies No 2/1995, alongside other EU regulations on market abuse. These stipulations ensure that such initiatives uphold integrity in the stock market, ultimately benefiting all stakeholders involved.
Future Outlook
Festi hf. has outlined its future objectives clearly, aiming to procure a total of 2,500,000 shares, which amounts to 0.80% of the issued shares. With a cap set at 800 million ISK for purchases, the company is confidently moving forward with its buyback strategy, reinforcing its position in the market while promoting long-term growth and shareholder prosperity.
Contact Information
For more detailed information or inquiries, please reach out to Magnús Kr. Ingason, CFO of Festi hf., at mki@festi.is.
Frequently Asked Questions
What is the purpose of Festi hf.'s buyback program?
The buyback program aims to increase shareholder value and reflect confidence in the company's market performance.
How many shares has Festi hf. repurchased?
Thus far, Festi hf. has repurchased 1,925,000 shares during the buyback program.
What is the total investment made by Festi hf. in the buyback?
Festi hf. has invested a total of 577,450,000 ISK in its share repurchase efforts.
What regulations govern the buyback program?
The buyback program operates under the Act on Public Limited Companies and EU regulations to ensure compliance and market integrity.
Who can I contact for more information about the buyback?
You can contact Magnús Kr. Ingason, CFO of Festi hf., via email at mki@festi.is.
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