The Annual General Meeting of Origo hf. (ORIGO) held on March 2, 2018 agreed to authorise the board of directors to repurchase shares in the company for a period of 18 months. The authorisation extends to up to 10% of the company's share capital, or up to 45,873,998 shares in nominal value. On the basis of this authorisation, the board of directors of Origo has decided to launch a program for the purchase of own shares for the purpose of reducing the number of outstanding shares and meeting the company's share option commitments.
The maximum number of shares that may be purchased under the program are 11,600,000 shares in terms of nominal value, which is about 2.5% of the company's entire outstanding shares. However, total repurchase payments may not exceed ISK 300,000,000. The program will remain effective until the company's annual general meeting to be held on 7 March 2019, or for a shorter period if the maximum permitted limits are reached prior to that date.
The repurchases will be carried out by Kvika banki hf., which will make all trading decisions related to purchases of shares and the timing of such purchases independent of the company. The repurchases will be carried out in accordance with the Act on Public Limited Companies No. 2/1995 and an Annex to Regulation No. 630/2005 on Inside Information and Market Abuse.
The maximum price paid for each share shall be the highest price paid in the most recent independent trade or the highest independent bid price quoted in the trading system of Nasdaq, Iceland, whichever is higher. The maximum volume in a single trading day shall be 281,723 nominal value shares, being a quarter of the average trade volume in November 2018.
Purchases under the program will commence on Thursday, December 12, 2018.
The company's trading of own shares under the repurchase program will be notified as required by laws and regulations.
Origo currently owns 159,983 treasury shares.
CEO Finnur Oddsson, tel. +354 862 0310 or firstname.lastname@example.org, and CFO Gunnar Petersen, tel. +354 825 9001 or email@example.com.
Origo hf. (NASDAQ OMX: Origo.IC) is a group of companies in the IT sector. Origo is a service provider which aims to help customers achieve improvements in their operations through IT technology, the expertise of our staff and flexible service. The group has around 550 employees. Origo's subsidiaries include TEMPO ehf. and Applicon AB. Origo hf. shares are listed on the Iceland Stock Exchange. For further information please visit our website, origo.is.
Forward-looking statements contained in this presentation may be based on management's current estimates and expectations, and not on facts that may be verified after its publication. Such statements are inherently uncertain. We therefore caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements, and that we do not undertake to update any forward-looking statements. These forward-looking statements speak only as of the date of this presentation and are qualified in their entirety by this cautionary statement.