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Festi: Buy-back programme

At the Annual General Meeting of Festi hf. 21 March 2019 the shareholders decided to authorise the Board of Directors to execute a buy-back of up to 10% of own shares for a period of 18 months either by way of a buy-back programme or by a general offer to shareholders, including a tender arrangement, provided that equal treatment of shareholders was guaranteed.

Having regard to the aforementioned authorisation, the Board of Directors of Festi has decided to execute a buy-back programme of own shares in order to reduce issued share capital. The programme will start on 3 March and covers a maximum of 5,000,000 shares or 1,5% of issued shares. The company holds 1,000,000 shares today. The duration of the programme is until 23 March 2020 or at the date of the Annual General Meeting 2020.

Íslenskir fjárfestar hf. have been engaged to execute the programme which will be conducted in accordance with the Act on Public Limited Companies no 2/1995 and Annex II to Regulation no 630/2005 on insider information and market abuse.

The purchase will be executed in steps, the maximum buy-back per day at 539.469 shares or 25% of the average daily trade of the company‘s shares on the Nasdaq Iceland  market in February 2020. The purchase price shall be equal to the highest recorded independent offer for shares in the company in the trading venue at the time the offer is made.  Transactions entered into on the basis of this buy-back programme shall be published in accordance with the applicable laws and regulations.

For further information contact Eggert Þór Kristófersson, CEO of Festi hf., (eggert@festi.is)