Icelandair Group’s Board of Directors has decided to execute a share repurchase program in order to reduce the share capital of the Company. This decision was made following authorisation given by the Annual General Meeting on the 3rd of March 2017, which gave the Board of Directors permission to execute a share repurchase program where up to 10% the Company’s shares would be purchased within a period of 18 months.
The share repurchase will at most amount to 50 million shares or 1.00% of the total share capital. Currently, the Company owns 139,460,000 of its own shares, or 2.79% of the total share capital. However, shares will not be purchased in excess of a total value of ISK750m. The share repurchase program will be valid until the end of the 3rd of September 2018. The financial services company Kvika banki hf. will manage and operate the repurchase program, and will make all trade decisions regarding share repurchase and the timing of such purchases independently from the Company.
