8. NÓVEMBER 2022
Origo hf. – Share buyback program initiated
Reykjavík, 8 November 2022
At Origo's Annual General Meeting on March 3, 2022, it was agreed to authorize the Board of Directors to purchase shares in the company once or more over the next 18 months, so that it and its subsidiaries, in accordance with other legal requirements, own up to 10% of its share capital. i.e. a maximum of ISK 43,500,000 nominal value.
On the basis of the aforementioned agreement, Origo's Board of Directors has decided to implement a repurchase plan for the purchase of own shares. The repurchase plan is valid until 1st of March 2023, or shorter if the conditions for maximum purchases are met before that time.
The maximum number of shares that the program stipulates will be purchased is 4,000,000 shares at nominal value, which is equivalent to about 0,92% of the company's issued share capital. However, the amount of the repurchases will never exceed ISK 350,000,000.
The repurchase will be carried out by Kvika banki hf. which makes all trading decisions regarding the purchase of shares and the timing of the purchase regardless of the company. The implementation of the repurchase plan will be in accordance with the Act on Public Limited Companies no. 2/1995 and an appendix to the Regulation on Insider Information and Market Fraud no. 630/2005.
The price for each share shall be a maximum of the highest price in the last independent transaction or the highest available independent purchase offer in the Nasdaq trading system in Iceland, whichever is higher.
The maximum amount of each trading day is 300,000 shares at nominal value.
Purchases according to the repurchase program will begin on Wednesday 9th of November. The company's trading in own shares in accordance with the repurchase program will be announced in accordance with laws and regulations.
Origo hf. currently owns 4.066.935 shares with a nominal value in the company, or about 0.93%.
For further information, please contact Gunnar Petersen, Chief Financial Officer, tel: +354 -825-9001 or firstname.lastname@example.org