Transaction in the context of a share buyback


Weekdays 20 Kvika banki hf. (“Kvika” or “the bank”) purchased 3,000,000 of its own shares at a purchase price of ISK 62,300,000. See more details below:

Date Weather Number of shares purchased Stock price (rate) Purchase price
19.5.2022 11:03:21 1,000,000 20.6 20,600,000
20.5.2022 09:49:14 1,000,000 20.8 20,800,000
20.5.2022 14:19:37 1,000,000 20.9 20,900,000
Total 3,000,000 62,300,000

The transaction is in line with Kvika’s takeover program, announced on May 18, 2022 and based on the authorization of a general meeting of Kvika shareholders held on March 31, 2022.

Kvika did not hold any own shares prior to the notified transaction and therefore purchased a total of 3,000,000 shares under the buyback program, which corresponds to 0.062% of the issued shares of the company. The total purchase price is 62,300,000 ISK. Redemption under the program will amount to a maximum purchase price of ISK 3,000,000,000.

The buyback program is in effect from May 19, 2022 until Kvika’s annual general meeting in 2023, unless the maximum purchase price is reached before that date.

The execution of the buyback program must be in accordance with the law on public limited companies, n° 2/1995. In addition, the buyback program must be implemented in accordance with Regulation of the European Parliament and of the Council no. 596/2014, on market abuse, as well as Commission Delegated Regulation (EU) 2016/1052 on regulatory technical standards for the conditions applicable to buyback programs and stabilization measures, which complements said regulation.

For more information: Halldór Karl Högnason, Head of Treasury by tel. (+354) 540 3200.


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