Festi hf. Reports Stock Buyback Details for Recent Week
Overview of Festi hf.'s Buyback Program
In a notable move, Festi hf. has actively engaged in a stock buyback program, purchasing a significant number of shares in recent days. This initiative demonstrates the company's commitment to enhancing shareholder value. In one week alone, Festi acquired an impressive total of 130,000 of its own shares, amounting to 39,600,000 ISK.
Details of the Share Purchases
Weekly Buyback Summary
Throughout the week, the purchases were executed systematically, showcasing strategic timing and pricing. On one particular day, Festi purchased 50,000 shares at a price of 305 ISK each, which totaled 15,250,000 ISK. This reflects the company's proactive stance on market engagement, ensuring a favorable outcome for its shareholders.
Additional Transactions
Following this, on another occasion, 30,000 shares were bought as well, adhering to a consistent price of 305 ISK, totaling an additional 9,150,000 ISK. Furthermore, 50,000 shares were purchased at 304 ISK each in yet another strategic transaction, contributing 15,200,000 ISK to the overall sum. This disciplined approach towards share buybacks is a testament to Festi's robust financial strategy.
Program Compliance and Further Purchases
The buyback program operates under strict compliance guidelines, adhering to the Act on Public Limited Companies and relevant regulations set forth by the European Parliament. This commitment to compliance ensures that Festi maintains transparency and integrity in its operations.
Current Holdings and Future Outlook
Before the buyback activities commenced, Festi held 1,901,226 shares, representing 0.61% of the company's total issued shares. With the completion of recent purchases, this figure has now risen to 2,031,226 shares, accounting for roughly 0.65% of the total. To date, the company has successfully bought back 1,785,000 of its own shares totaling 534,710,000 ISK.
Long-Term Buyback Program Goals
The overarching goal of this ongoing program is to repurchase a total of 2,500,000 shares or approximately 0.80% of the issued shares, with a capped purchasing price of 800 million ISK. This forward-thinking approach not only aims at optimizing share value but also signifies confidence in Festi's long-term growth potential. Stakeholders remain optimistic as the buyback program progresses, showcasing corporate resilience.
Contact Information
For more details regarding Festi hf.’s operations and initiatives, you can reach out to Magnús Kr. Ingason, CFO of Festi hf., via email at mki@festi.is.
Frequently Asked Questions
What is the purpose of Festi hf.'s buyback program?
The purpose of the buyback program is to enhance shareholder value by reducing the number of shares in circulation, ultimately increasing earnings per share.
How many shares has Festi hf. purchased so far?
As of the latest update, Festi hf. has purchased a total of 1,785,000 shares.
What is the total budget for the buyback program?
The total budget for the buyback program is capped at 800 million ISK.
How does the buyback impact Festi's share pricing?
By buying back its shares, Festi can help support or increase its share price, signaling confidence in its business strategy.
Who can be contacted for more information about the buyback?
For further inquiries, you can contact Magnús Kr. Ingason, the CFO of Festi hf., via email.
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