The purpose of the buyback program is to meet the Company’s obligations under share incentive programs with employees. Marel currently holds 14,664,411 own shares which corresponds to 1.9% of issued share capital in the Company.
The buyback program will be managed by Arion banki hf., which will make its trading decisions regarding the purchases and the timing of the purchases independently without influence of the Company. The execution of the share buyback program will be according to the provisions of applicable laws, including Act no. 2/1995 respecting Public Limited Companies, Regulation no. 596/2014 of the European Parliament and of the Council on market abuse ("MAR"), and the Commission’s delegated regulation 2016/1052, cf. Act no. 6/2021 concerning measures against market abuse.
The purchase price for shares shall not be higher than the price of the last independent trade or the last independent bid on Nasdaq Iceland, whichever is higher. Daily purchase will not exceed 25% of the average daily volume of 20 trading days preceding the day of purchase on Nasdaq Iceland. 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 enter into force on 1 June and end no later than 1 September 2022 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 2022, 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 16 September 2023.