Arion Bank: Transactions in relation to a share buyback programme
In week 44 Arion Bank purchased own shares on Nasdaq Iceland and Swedish Depository Receipts (SDR) on Nasdaq Stockholm. See further details below.Share buyback on Nasdaq IcelandBuyback of SDR’s on Nasdaq StockholmThe transactions are carried out in accordance with the Bank’s share buyback program that was announced on both stock exchanges on 31 October 2019 and initiated on the same day.The Bank held 299,899 of own shares prior to the transactions. The Bank holds 799,899 shares and 73,814 SDR’s after the transactions or 0.03% of outstanding shares in the Bank.In accordance with the buyback program a maximum of 59,000,000 shares/SDRs in total will be purchased, corresponding to 3.25% of the current issued share capital. It is planned to purchase up to 20,650,000 SDRs in Sweden, corresponding to 1.14% of the current issued capital, and up to 38,350,000 shares in Iceland, corresponding to 2.11% of the current issued capital. The total consideration for purchased SDRs shall not exceed ISK 1,575,000,000 in Sweden and 2,925,000,000 for purchased shares in Iceland (ISK 4.5 billion total). The Programs shall end when aforementioned conditions are met but no later than 17 March 2020. The CEO of Arion Bank is entitled to discontinue the Programs at any time.The Programs will be carried out in accordance with applicable law and regulation in Iceland and Sweden, including Regulation No. 596/2014 of the European Parliament and of the Council on market abuse (“MAR”), Icelandic acts on limited liability companies, No. 2/1995 and on securities transactions, No. 108/2007, and Icelandic regulation on insider information and market manipulation, No. 630/2005.For further information please contact Arion Bank’s Investor Relations at firstname.lastname@example.org or Theodor Fridbertsson, Head of Investor Relations, +354 856 6760.