Reitir's New Share Buyback Initiative
In a recent meeting, Reitir's board received permission to purchase up to 10% of its own shares. This move is aimed at implementing a structured buyback plan and establishing a thriving trading market for its shares.
Objectives of the Buyback Program
The idea behind this buyback strategy is to lower the issued share capital of Reitir. Currently, the company has 697 million shares in circulation, with approximately 8.4 million shares, or 1.21%, held by Reitir itself as the program commences.
Details of the Buyback Plan
The company plans to acquire up to 3.6 million shares, representing about 0.52% of its issued capital. However, the total amount spent on these repurchases will not exceed 440 million kr. The program is set to begin on a designated date and will remain active until one of the specified limits regarding quantity or financial allocation is achieved, or until the end of February 2026, whichever comes first.
Share Purchase Conditions
The maximum price per share during this buyback initiative will be determined by the highest price from the last independent transactions or the highest available independent bid in the Nasdaq trading system in Iceland, whichever is greater. Additionally, on any given trading day, the amount acquired will be capped at 25% of the average daily trading volume for the past 20 days prior to the purchase.
Execution and Reporting of the Program
Landsbankinn has been designated to carry out the buyback plan on behalf of the company. All transactions under this program will be reported within seven trading days following their completion, ensuring transparency and compliance with regulations.
Contact Information for Inquiries
If you have any questions regarding this buyback initiative, you may reach out to Einar Þorsteinsson, the company's CFO, at 669 4416 or via email.
Frequently Asked Questions
What is the purpose of Reitir's buyback program?
The buyback program aims to reduce the company's outstanding shares, enhancing the overall market presence and shareholder value.
How many shares does Reitir plan to buy back?
Reitir intends to buy back up to 3.6 million shares, equivalent to approximately 0.52% of its total issued share capital.
Who will manage the buyback transactions?
Landsbankinn will oversee the execution of the buyback program.
When did the buyback program commence?
The buyback program is set to begin on a specified date, with a duration established until certain limits are reached.
Is there a limit on the buyback price?
Yes, the buyback price will not exceed the highest price from the last independent transactions or bids available at the time.
