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Marel: Share buyback program initiated on Euronext Amsterdam
The Board of Directors of Marel hf. has decided to initiate a new share buyback program on Euronext Amsterdam for up to 1,000,000 shares in the Company, or about 0.13% of the total issued share capital in the Company, for a maximum total purchase price of EUR 5,590,000. This is in addition to the share buyback program initiated on Nasdaq Iceland today 1 June, for up to 4,000,000 shares. The purpose of the buyback program is to meet the Company’s obligations under share incentive programs with employees. Marel currently holds 14,664,411 own shares which corresponds to 1.9% of issued share capital in the Company.
The buyback program will be managed by ABN AMRO Bank N.V., which will make its trading decisions regarding the purchases and the timing of the purchases independently without influence of the Company. The execution of the share buyback program will be according to the provisions of applicable laws, including Icelandic Act no. 2/1995 respecting Public Limited Companies, Regulation no. 596/2014 of the European Parliament and of the Council on market abuse ("MAR"), and the Commission’s delegated regulation 2016/1052, cf. also Icelandic Act no. 6/2021 concerning measures against market abuse.
The purchase price for shares shall not be higher than the price of the last independent trade or the highest current independent purchase bid on Euronext Amsterdam, whichever is higher. Daily purchase will not exceed 25% of the average daily volume of 20 trading days preceding the day of purchase on Euronext Amsterdam. Transactions with own shares according to the buyback program will be publicly disclosed no later than the end of the seventh business day following the day of execution of such transactions. The program will enter into force on 2 June and remain in force up to and including 2 September 2022 but the Company is entitled to discontinue the program at any time.
According to an authorization granted by the Company’s Annual General Meeting in March 2022, the Company may purchase own shares of up to 10% of the Company’s share capital. Requirements pursuant to Article 55 of Act No. 2/1995 shall be taken into consideration when own shares are purchased. The authorization is valid until 16 September 2023.
Investor relations
For further information, please contact Marel Investor Relations via email ir@marel.com or tel. +354 563 8001.
About Marel
Marel (NASDAQ: MAREL; AEX: MAREL) is a leading global provider of advanced food processing equipment, systems, software, and services to the poultry, meat and fish industries. In line with its 2017- 2026 growth strategy, Marel has gradually expanded its business model into adjacent industries, where most recently the acquisition of Wenger has added a fourth pillar focused on pet food, plant-based protein and aqua feed. Our united team of over 7,500 employees in over 6 continents delivered EUR 1.4 billion in revenues in 2021. Annually, Marel invests around 6% of revenues in innovation. By continuously transforming food processing, we enable our customers to increase yield and throughput, ensure food safety and improve sustainability in food production. Marel was listed on NASDAQ Iceland in 1992 and dual-listed on Euronext Amsterdam in June 2019. For further information, please visit marel.com/IR.
