At Eimskip’s annual general meeting on March 17, 2022, shareholders approved the authorization of the board of directors to purchase up to 10% of the company’s issued shares. The authorization should be used, among other things, to set up a formal share buyback program with the aim of reducing the share capital of the company and/or fulfilling the obligations of the company in accordance with the stock option plan. of shares approved at the same meeting.

The board of directors of Eimskip decided today to launch a new share buyback programme, in accordance with the approval, with the primary aim of reducing the share capital of the company and/or fulfilling the obligations of company in accordance with the company’s stock option plan.

The authorization is valid for a period of 18 months from the Ordinary General Meeting, it being understood that Eimskip and its subsidiaries may hold a maximum of 10% of the company’s share capital. The number of shares to be acquired under the buyback program will amount to 1,730,000, or approx. 1.0% of the issued share capital of the company, at an aggregate purchase price not to exceed ISK 900,000,000 at market value.

The purchase price of the shares must not be higher than the price of the last independent transaction or the highest independent offer on Nasdaq Iceland at the time of the transaction. The total number of shares that may be purchased during a single trading day will not exceed 25% of the average daily trading volume in April 2022 on Nasdaq Iceland. Thus, the maximum number of shares that can be purchased per trading day will be 122,558 shares on June 1, 2022.

The buyback program will be managed by Arion bank hf. who will make its business decisions regarding purchases and the time of purchase, independently without influence from the company. According to an agreement between the parties, Arion Bank can start the buyback on June 1, 2022 and the buyback program is in effect until September 17, 2023, unless the maximum purchase conditions are met 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.

Transactions with own shares under the buyback program will be made public no later than the end of the seventh business day following the day of execution of these transactions.

Eimskip’s own shares are now 31,307.

For more information, please contact Edda Rut Björnsdóttir, Executive Vice President of Human Resources & Communications, tel. : +354 825-3399, or e-mail: [email protected]