Marel: Share buyback programme discontinued after closing of markets today

Marel hf. has purchased a total of 14,331,823 own shares under a share buyback programme, that was announced on Nasdaq Iceland on 10 March 2020, which corresponds to 1.86% of issued shares in the company, for a total purchase price of ISK 8,626,325,683. The buyback programme was based on the authorisation of Marel hf.´s Annual General Meeting regarding the purchase of own shares on 6 March 2019, as renewed at Marel hf.’s Annual General Meeting on 18 March 2020.The share buyback programme has today been discontinued. The average purchase price of shares under the programme was ISK 601.90 per share corresponding to the weighted average purchase price of EUR 3.90 per share during the period. The closing price of Marel shares on Nasdaq Iceland on 11 March 2020, which was the first day of the program, was ISK 527 and the closing price of Marel shares today 10 June 2020 was ISK 690.The purpose of the buyback program was to reduce the Company’s share capital and to meet the Company’s obligations under share incentive programs with employees. The Company’s obligations under share incentive programs have now been covered. Marel currently holds 23,080,637 own shares or the equivalent of 2.99% of issued shares in the company, and the total number of unexercised stock options is 24.1 million shares corresponding to approximately 3.1% of total issued share capital.Transactions in relation to a share buyback programmeIn week 24, Marel hf. purchased 888,878 of its own shares in Nasdaq Iceland, at the purchase price of ISK 620,025,422. See further details below:Initially it was stated that buybacks under the program would amount to a maximum of 25,000,000 shares, or the equivalent of 3.2% of issued shares. The buyback programme was in effect from 11 March 2020, and it was stated that the program would end no later than 4 September 2020, while the Company was entitled to discontinue the program at any time.The buyback programme was executed in accordance with Chapter VIII. of the Icelandic Act No. 2/1995 on Public Limited Companies, the Icelandic Act on Securities Transactions No. 108/2007, Chapter II of the Annex to Icelandic Regulation No. 630/2005 on Inside Information and Market Abuse, Regulation No. 596/2014 of the European Parliament and of the Council on market abuse (“MAR”), and the Commission’s delegated regulation 2016/1052.Investor RelationsFor further information, please contact Marel Investor Relations via email IR@marel.com and tel. +354 563 8001.About MarelMarel (NASDAQ: MAREL; AEX: MAREL) is a leading global provider of advanced food processing equipment, systems, software and services to the poultry, meat and fish industries. Our united team of 6,300 employees in over 30 countries delivered around EUR 1.3 billion in revenues in 2019. Annually, Marel invests around 6% of revenues in innovation. By continuously transforming food processing, we enable our customers to increase yield and throughput, ensure food safety and improve sustainability in food production. Marel was listed on NASDAQ Iceland in 1992 and dual-listed on Euronext Amsterdam in June 2019.