Skeljungur hf.: Transactions in relation to a share buy-back program – repurchase is completed

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In week 28 2019, Skeljungur purchased 12.577.749 of its own shares, at purchase price of ISK 102.822.135. See further details below:

The trade is in accordance with Skeljungur’s buy-back program, announced to Nasdaq Iceland on June 7, 2019. The main purpose of the program is to meet the Company’s approved dividend policy, i.e. to pay annually to shareholders 30-50% of profits in a form of dividends or a repurchase of shares.

The repurchase according to the share buy-back program is completed. 

Skeljungur has now purchased a total of 66.851.660 own shares according to the buy-back program. The purchase price for the bought shares is total ISK 549.592.200 which corresponds to 99,93% of the maximum amount that was allowed to purchase for. Before the above-mentioned buy-back plan was initiated, Skeljungur owned 99.504.521 shares or about 4,62% of the Company’s share capital. Skeljungur now owns a total of 166.356.181 shares or 7,73% of the Company’s share capital.

According to the buy-back program the maximum purchase price was not allowed to exceed ISK 550.000.000, provided that it and its subsidiaries was allowed to own at most 10% of the Company’s stock. The buy-back program was in effect until the Annual General Meeting in 2020, unless the conditions for maximum purchase were met before that time. Since the conditions of the buy-back program have been met the buy-back program is over. The execution of the share buy-back program was in accordance with the Public Limited Company Act No. 2/1995 and Regulation on Insider Information and Market Manipulation No. 630/2005.

Skeljungur is an energy company which sells products and services in Iceland, the Faroe Islands and in the N-Atlantic. Skeljungur’s main activities are import, storage, sales and distribution of fuel and fuel related products. The Company operates 76 gas stations and 6 oil depots in Iceland and the Faroe Islands. In addition, the Company operates convenience stores and provides services and sells oils for house heating in the Faroe Islands and sells fertilizer and other chemical products in Iceland. The Company’s customer base spans from individuals to institutions and companies in the fishing industry, agriculture, transport and contractors. Skeljungur owns the brand names Skeljungur, Orkan and OrkanX in Iceland and Magn in the Faroe Islands. Skeljungur’s goal is to fulfil the energy needs of individuals and companies in an efficient and safe way, in harmony with the environment.

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Globe Newswire: 16:52 GMT Friday 12th July 2019

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