Skeljungur hf.: Transactions in relation to a share buy-back program

In week 27 2019, Skeljungur purchased 9.577.749 of its own shares, at purchase price of ISK 78.154.432. See further details below:

DateTimeNo. of shares boughtShare price (rate)Purchase price (ISK)
1.7.201914:57:42  3.192.583 8,16  26.051.477 
2.7.201912:24:00  3.192.583 8,16  26.051.477 
3.7.201914:42:34  3.192.583 8,16  26.051.477 
Total   9.577.749     78.154.432 

The trade is in accordance with Skeljungur’s buy-back program, announced to Nasdaq Iceland on June 7th, 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.

Skeljungur has now purchased a total of 54.273.911 own shares according to the buy-back program. The purchase price for the bought shares is total ISK 446.770.065 which corresponds to 81,23% of the maximum amount that will be purchased 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 153.778.432 shares or 7,15% of the Company’s share capital.

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

For further information please contact Benedikt Ólafsson, CFO,, 840-3071.

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.