Kvika banki hf.: Notification regarding execution of buyback programme
At the Annual General Meeting of Kvika banki hf. ('Kvika' or the 'bank') on 21 March 2024, the shareholders approved to authorise the board of directors to buy up to 10% of issued shares in the bank, to among other things enable the board of directors to carry out a formal buyback programme. The authorisation for the board of directors to engage in buyback of shares was renewed at the Annual General Meeting on 26 March 2025.
On the basis of that approval, the board of directors of Kvika decided on 27 February 2025 to exercise a part of that authorisation and establish a buyback programme to carry out the purchase of shares for total consideration amount of ISK 5,000,000,000 but for no higher nominal amount than 400,000,000 shares, for the purpose of reducing Kvika's issued share capital. Kvika holds 134,410,410 of own shares and has already used ISK 2,500,000,000 to acquire 163,590,409 own shares in the first tranche of the buyback programme that ended on 12 May 2025, cf. previous announcements.
Arion banki hf. will be supervising the execution of the second tranche of the buyback programme and making all decisions regarding the acquisition of shares and the timing of the acquisitions independently of Kvika. The execution of the buyback programme must comply with the Act on Public Limited Companies, No. 2/1995. In addition, the buy-back programme must be implemented as provided for in the Regulation of the European Parliament and of the Council no. 596/2014, on market abuse, as well as the Commission Delegated Regulation (EU) 2016/1052 on regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures, which supplements that Regulation, cf. the Act on Measures Against Market Abuse No. 60/2021, which entered into force in Iceland on 1 September 2021. When deciding on and executing a buyback programme, the above-mentioned provisions will be complied with as currently applicable, and the implementation of such a programme shall ensure transparency in such transactions with own shares.
The execution of the buyback programme is conducted in such a way that purchases each day do not exceed 6,893,138 shares and the maximum price of the purchases shall be the amount of the last independent transaction or highest independent existing purchase bid in the Nasdaq Iceland stock exchange. Arion banki hf. can, according to agreement between the parties, start the buyback on 26 May 2025 and the buy-back programme is in force until Kvika's annual general meeting 2026, or until the repurchase for total consideration amount of ISK 2,500,000,000 is completed or 236,409,591 shares have been bought, whichever comes first.
The bank's trading in own shares pursuant to the buyback programme shall be declared in accordance with law and regulations.
Further information please contact Kvika's investor relations at ir@kvika.is
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 hours ago
- Yahoo
Sen. Ted Cruz proposes withholding broadband funding from states that regulate AI
The Brief Senator Ted Cruz proposed that states attempting to regulate AI should lose federal broadband funding. This proposal is an addition to a House-passed bill aiming for a 10-year ban on state AI regulation. Critics argue Cruz's plan is "undemocratic and cruel," forcing states to choose between broadband access and AI consumer protection. WASHINGTON - U.S. Senator Ted Cruz (R-Texas) proposed on Thursday an alternative punishment for planned legislation that would set a 10-year ban on state regulation of Artificial Intelligence model learning. Under Cruz's budget reconciliation proposal, an attempt to regulate AI would be prohibited from collecting federal funding provided by the Broadband Equity, Access, and Deployment (BEAD) program. The Proposal The U.S. House of Representatives passed their version of House Resolution 1, the "One Big Beautiful Bill Act," on May 22. In part, the budget bill would ban state regulation on AI for 10 years. As chairman of the Senate Committee on Commerce, Science, and Transportation, Cruz authored a budget reconciliation that he says is intended to "fulfill President Trump's agenda." In a summary of the proposal, he refers to state regulation as "strangling AI deployment," comparing it to EU precautions against tech development. Cruz's proposal adds $500 million to the BEAD program, which has already administered $42.45 billion to the states in order to expand high-speed internet access across the country. It also prevents states from receiving any of that funding if they attempt to regulate AI. Dig deeper Rep. Marjorie Taylor Greene (R-Georgia) has recently spoken out against HR 1, saying the anti-regulatory section alone will cost Congress her vote. Greene explained that she discovered the controversial provision, located on pages 278-279 of the bill, only after the House had already passed the legislation. Once the bill returns to the House following Senate deliberations, Greene says she will change sides based on the matter of AI. What they're saying Advocacy group Public Citizen released a commentary on Cruz's proposal, referring to it as a "display of corporate appeasement." In the article, J.B. Branch, a Big Tech accountability advocate, included the following statement: "This is a senatorial temper tantrum masquerading as policy. Americans have loudly rejected Senator Cruz's dangerous proposal to give tech giants a decade of immunity from state regulation. State legislatures, attorneys general, and citizens across all 50 states have demanded that Congress step away from overhauling consumer protections put in place in the absence of federal leadership. But instead of listening to the American people, Senate Republicans threw a fit and tied vital digital funding to corporate impunity. "With this move, Republicans are telling millions of Americans: 'You can have broadband but only if your state gives up the right to protect you from AI abuses.' It's undemocratic and cruel. Republicans would rather give Big Tech a 10-year hall pass to experiment on the American people unchecked, rather than give underserved rural and urban communities the ability to compete in the digital economy. Congress must reject this corporate giveaway and refocus their energy on representing the public interest." In her statements criticizing the anti-regulation portion of HR 1, Greene expressed concerns about developing rapidly evolving tech without checks and balances. "No one can predict what AI will be in one year, let alone 10," Greene said. "But I can tell you this: I'm pro-humanity, not pro-transhumanity. And I will be voting NO on any bill that strips states of their right to protect American jobs and families." What's next HR 1 is expected to continue undergoing changes in the Senate before returning to the House for another vote. Cruz's proposal has yet to be officially added to the legislation. The Source Information in this article comes from public U.S. Congress filings, Public Citizen, and previous FOX 4 coverage.
Forbes
6 hours ago
- Forbes
How CPAs Should Speak To Clients As Crypto Adoption Accelerates
CPAs need to be educated on crypto to better advise clients CPAs have been discussing crypto for years, but given the rapidly (and positively) changing regulatory and policy environment it seems a good time to revisit what might sound like a straight-forward question; how should CPAs approach clients about cryptoassets? While in the past CPAs could have reasonably advised clients to minimize exposure to crypto since the regulatory environment was so uncertain, bankruptcies such as FTX dominated the headlines, and price volatility seemed ingrained into the asset class. Over the last 12-18 months, however, those narratives have changed significantly, with several developments making the crypto conversation between advisors and clients much more nuanced. Positive momentum on the legislative front at the federal and numerous state levels, the proliferation of spot crypto ETFs, the relaxation of previous strict language around including crypto into 401 (k) plans, the comprehensive repayment plans announced by the FTX estate, and the successful IPO of major stablecoin issuer Circle have all contributed to a more optimistic for crypto as 2025 continues to roll forward. Despite these developments, including the actions taken by the OCC and FDIC to allow more institutions to engage with crypto operations, the tax and accounting outlook for crypto has yet to significantly shift. Let's take a look at a few things CPAs need to keep in mind when discussing crypto with clients as positive momentum continues to accelerate. Given the nearly continuous flow of positive headlines around cryptoassets and the increased frequency with which investors of all sizes are allocating funds to said assets CPAs might very well be speaking with clients who fear missing out on these returns. That said, the investing adage that past success does not indicate future performance holds equally as true for crypto as any other asset class. For example, bitcoin has traded as low as $70,000 in 2025 prior to rebounding back about $100,000 beginning in May 2025; volatility remains an embedded part of the crypto ecosystem. For CPA clients seeking to integrate cryptoassets as part of a treasury allocation, accepting cryptoassets for payment purposes, or seeking to advise external clients whether crypto is a good fit for operations the pressure to invest in crypto can be significant. A responsibility of CPAs across the board is to make sure that any and all clients interested in crypto are only investing in these assets if the assets are well understood, and are a good fit for the business model of the firm. Despite the positive changes that have permeated into the cryptoasset sector the tax ramifications of these the fact remains that taxes are an obstacle to wider utilization of crypto for business purposes. Virtually every single transaction, transformation, or exchange that involves cryptoassets will create a tax reporting and potential tax payment obligation, and this has not changed even as the usage and adoption of crypto continues to accelerate. This is especially true for individuals that engage in higher volume trading or business activities, as several changes in particular will impact businesses using crypto. Specifically, changes that are related to IRS code section 6045 and 6050I, including the pivot to a universal wallet tracking methodology, are set to complicate the accounting for crypto transactions and gains. With further changes coming to the marketplace beginning January 2026, and while DeFi broker regulations (with an effective date in 2027) have been sidelined for now, the tax conversation around crypto is far from over. CPAs are already trusted as business and tax advisors, and especially as it is connected to crypto the value that can be added to a client via improved tax information is difficult to overstate. An often repeated issue and statement that can arise with the onboarding of cryptoassets is the perception that internal controls are less important since underlying blockchains are usually perceived as immutable and unhackable. Even if the blockchain itself has proven itself resilient and impervious to hacking attempts the multitude of hacks and data breaches that have occurred in the cryptoasset sector should serve as a reminder that internal controls are always important. Specifically the recent data breach at Coinbase should be illustrative to potential users and investors in crypto; even one of the most highlight regulated and well regarded institutions in the crypto sector suffered a data breach due to social engineering attacks on certain employees. For smaller institutions or entrepreneurs looking to gain exposure to crypto the importance of establishing and improving internal controls around cryptoassets and crypto policies should be an imperative. CPAs are well versed in assisting clients in the establishment and improvement of controls and control frameworks, and the importance of controls around crypto is no different. Crypto continues to make inroads across the economic board, and CPAs need to be well-prepared to discuss these issues with clients now and going forward.
Associated Press
10 hours ago
- Associated Press
Tulip Real Estate Acquires Premier London Hilton Property in £30 Million Deal from Lone Star
Image Description: Sidd Mahajan is the founder and managing director of Tulip Real Estate LONDON, June 07, 2025 (GLOBE NEWSWIRE) -- In a landmark move that solidifies its presence in the UK's luxury hotel market, Tulip Real Estate, led by founder and managing director Sidd Mahajan, has acquired the prestigious 5-star Hilton London Syon Park for approximately £30 million. Image Description: Hilton London, Syon Park Hilton London Syon Park: A Jewel in West London Located within the historic 200-acre Syon Park Estate near Brentford, the Hilton London Syon Park is a standout destination in West London's high-end hospitality scene. Overlooking Syon House, the Duke of Northumberland's historic residence, and bordering Richmond Park, this 137-room luxury spa hotel offers a serene yet accessible escape for affluent travelers and is a top choice for high-end Indian destination weddings. Initially opened as a Waldorf Astoria during the 2012 London Olympics, the hotel was repositioned as a deluxe Hilton in 2019. Its long-standing reputation for elegance and service made it a prime acquisition target. Strategic Transaction with Lone Star The property was acquired from American investment fund Lone Star, which had taken control of the asset as part of a four-property portfolio earlier this year. Asset management during the transitional phase was handled by Hudson, with Tulip stepping in as the new owner. This £30 million transaction is a significant milestone for Tulip Real Estate, highlighting its expanding ambitions in premium real estate investments. Tulip's Growing Heritage Portfolio and Refurbishment Legacy Beyond modern luxury assets, Tulip Real Estate has also demonstrated a strong commitment to preserving and revitalizing the UK's historic properties. The group owns and operates several landmark heritage hotels, including: A Powerful Partnership Structure This acquisition also represents Tulip's first major hotel partnership in the UK, executed via a joint venture with a leading operator that currently manages six luxury hotels across the country. Operational management of Hilton London Syon Park will be handled by Countrywide Hotels, bringing in their specialized experience in high-end hospitality operations. Strategic Significance For Sidd Mahajan and Tulip Real Estate, the Hilton Syon Park acquisition is a defining step forward: Tulip Real Estate continues to strengthen its footprint across the UK, blending modern hospitality investment with a deep respect for British heritage. With its mix of revitalized historic properties and newly acquired luxury assets, Tulip is positioning itself as an emerging force in the UK's premium hospitality sector. Sidd Mahajan is the founder and managing director of Tulip Real Estate, a leading property consultancy specializing in UK residential and commercial real estate investments. Company name: Tulip Real Estate Email: [email protected] Website: City: London Country: UK Contact Person Name: Nikita Shah Disclaimer:This is a paid post and is provided byTulip Real Estate. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or business advice. All investments carry inherent risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any inaccuracies, misrepresentations, or financial losses resulting from the use or reliance on the information in this press release. Speculate only with funds you can afford to lose. In the event of any legal claims or concerns regarding this article, we accept no liability or responsibility. Legal Disclaimer: This media platform provides the content of this article on an 'as-is' basis, without warranties or representations of any kind, express or implied. We assume no responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained herein. Any complaints, copyright issues, or inquiries regarding this article should be directed to the content provider listed above. Photos accompanying this announcement are available at:
