Purchases under Origo’s repurchase program begin on Monday, February 7th. It was agreed in March last year to authorize the company’s board to buy shares in the company once or more in the next 18 months.
This was done so that the company together with its subsidiaries owned, subject to other legal conditions, up to 10 percent of its share capital, ie. a maximum of ISK 43,500,000 nominal value.
The announcement states that on the basis of the aforementioned agreement, Origo’s Board of Directors has made a decision on the implementation of a repurchase plan for the purchase of own shares. The repurchase plan is valid until 31 July 2022, or less if the conditions for maximum purchases are met before that time.
The maximum number of shares that the plan stipulates will be purchased is 4,350,000 shares at nominal value, which is equivalent to about 1% of the company’s issued share capital. However, the amount of the repurchases will never exceed ISK 300,000,000.
The repurchase will be carried out by Kvika banki hf. which makes all business decisions regarding the purchase of shares and the timing of the purchase regardless of the company.
Great result last year
“Origo’s success in 2021 is fantastic. We started with 2021 as a year of new emphases where we encouraged the further independence of our teams, worked hard to make the product range stronger and more focused and increased our emphasis on business development and marketing, “said Jón Björnsson, CEO of Origo hf. in the announcement.
Origo’s annual results for last year state that the company’s revenue increased by 6.6% during the year and the company’s performance improved significantly. The operation returns 8.8% of ebitda against 6.3% last year. year.
Jon says the outlook for operations is good. The company has come a long way in explaining what Origo stands for, strengthening and updating its core business priorities and giving teams the independence to grow. We will adapt our operations to those opportunities and ensure that the company is in a position to be a leading party in changes in the information technology market.