Arion Bank: Transactions in relation to a share buyback programme
Reference is made to a press release from Arion Bank (the “Bank”), published 25 July 2024 regarding the launch of a share buyback program (the “Program”) and 30 August 2024 regarding increased size of the Program. In week 35 2024 the Bank purchased own shares on Nasdaq Iceland and Swedish Depository Receipts (SDRs) on Nasdaq Stockholm. See further details below.
Share buyback on Nasdaq Iceland:
| Date | Time (GMT) | Number of shares | Share price | Purchase price (ISK) | Total own shares |
| 26.8.2024 | 09:44:15 | 950,000 | 139.25 | 132,287,500 | 55,636,533 |
| 27.8.2024 | 09:36:17 | 1,000,000 | 139 | 139,000,000 | 56,636,533 |
| 28.8.2024 | 09:33:42 | 1,000,000 | 139.75 | 139,750,000 | 57,636,533 |
| 29.8.2024 | 09:54:45 | 1,000,000 | 140 | 140,000,000 | 84,630,571 |
| 29.8.2024 | 14:31:20 | 100,000 | 139 | 13,900,000 | 84,730,571 |
| 30.8.2024 | 09:32:37 | 1,000,000 | 139 | 139,000,000 | 85,730,571 |
| 30.8.2024 | 12:57:46 | 500,000 | 141 | 70.500,000 | 86,230,571 |
| 5,550,000 | 774,437,500 | 86,230,571 |
SDRs purchased on Nasdaq Stockholm:
| Date | Time (GMT) | Number of SDRs | SDR price | Purchase price (SEK) | Total own SDRs |
| 28.8.2024 | 12:23:40 | 118 | 10.2 | 1,204 | 3,091,250 |
| 30.8.2024 | 15:08:38 | 397 | 10.4 | 4,129 | 3,091,647 |
| 515 | 5,332 | 3,091,647 |
The Bank held 57,777,665 of own shares and SDRs prior to the transactions in week 35 and holds 89,322,218 shares and SDRs by the end of week 35. The Bank currently holds 5.90% of issued shares in the Bank. Since the launch of the Programme the Bank has bought in total 16,710,000 shares and 10,675 SDRs under the Program. It is also noted that a part of the increase in own shares/SDRs in week 35 relates to buybacks of shares through an auction which concluded on 29 August 2024 for a total of 25,994,038 shares as previously announced.
The repurchase under the Program is divided between the Icelandic and Swedish markets, where up to 384,000 SDRs may be repurchased in Sweden, corresponding to 0.0254% of the current issued capital, and where up to 31,321,362 shares may repurchased in Iceland, corresponding to 2.0696% of the current issued capital (total 2.095% of the current issued capital). The total consideration for purchased SDRs shall furthermore not exceed ISK 50,000,000 in Sweden and ISK 3,888,816,794 for purchased shares in Iceland (ISK 3,938,816,794 total). The Program will end no later than 12 March 2025. The Bank retains the right to discontinue the Program at any time.
The Program is carried out in accordance with applicable law and regulation in Iceland and Sweden, as the case may be, including Regulation No, 596/2014 of the European Parliament and of the Council on market abuse (“MAR”), the Safe Harbour Regulation, Icelandic acts on limited liability companies, No, 2/1995 and Act No, 60 /2021 on measures against market manipulation and rules no, 320/2022 of measures against market manipulation which, inter alia, adopted the Safe Harbour Regulation into Icelandic law. Transactions under the Program are publicly disclosed in accordance with applicable law and regulation in Iceland and Sweden respectively.