Other information disclosed according to the rules of the Exchange
Marel: Share buyback program initiated
The Board of Directors of Marel hf. has decided to initiate a new share buyback program for up to 25,000,000 shares in the Company, or about 3.2% of the total issued share capital in the Company. The purpose of the buyback program is to reduce the Company's share capital and to meet the Company's obligations under share incentive programs with employees.
Marel's own shares currently amount to 10,773,814 or 1.4% of issued share capital in the Company. The buyback program shall comply with the provisions of the Icelandic Act on Securities Transactions No. 108/2007, the appendix to the Icelandic Regulation on Insider Information and Market Manipulation No. 630/2005, Regulation No. 596/2014 of the European Parliament and of the Council on market abuse ('MAR'), and the Commission's delegated regulation 2016/1052.
The buyback program will be managed by Kvika banki hf., which will make its trading decisions in relation to the Company's shares independently of, and without influence by, the Company with regard to the timing of the purchases. The execution of the share buyback program will be according to the provisions of Act No. 2/1995 respecting Public Limited Companies and appendix to Regulation on Insider Information and Market Manipulation No. 630/2005. The purchase price for shares shall not be higher than the price of the last independent trade or the last independent bid in Nasdaq Iceland, whichever is higher. Purchases under the program shall be divided into numerous transactions. However the daily trade will not exceed 25% of the average daily volume of the shares traded in February 2020 on Nasdaq Iceland, which amounts to 313,752 shares. Transactions with own shares according to the buyback program will be publicly disclosed no later than the end of the seventh business day following the day of execution of such transactions. The program will end no later than 4 September 2020 but the Company is entitled to discontinue the program at any time.
According to an authorization granted by the Company's Annual General Meeting in March 2019, the Company may purchase own shares of up to 10% of the Company's share capital. Requirements pursuant to Article 55 of Act No. 2/1995 shall be taken into consideration when own shares are purchased. The authorization is valid until 6 September 2020.
Marel hf. published this content on 10 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2020 20:03:08 UTC