The Nomination Committee of Festi hf. hereby calls for nominations or candidacies to the company's Board of Directors for Festi's Annual General Meeting, which will be held on 5 March 2025 according to Festi’s financial calendar.

Festi will publish its financial results according to the calendar below.

Magnús Hafliðason has been appointed Managing Director of N1 and will join Festi's Executive Management Team early next year.

With reference to the announcement of Festi regarding the start of the sales process of Olíudreifing ehf. ("Olíudreifing" or "the Company"), which was published on 26 September 2024, it is hereby informed that a non-binding offers for all outstanding shares in Olíudreifing has been received.

Festi hf. og Samkeppniseftirlitið hafa gert með sér meðfylgjandi sátt vegna rannsóknar sem eftirlitið hefur haft með höndum í tengslum við ætluð brot félagsins á skilyrðum í sátt sem gerð var þann 30. júlí 2018 vegna samruna N1 hf. og Festi hf. og nær rannsóknartímabilið aftur til þess tíma.

At Festi Board meeting on October 30, 2024, a decision was made to grant certain key employees of the Group share options covering a total of 990,000 shares in the Company.

Festi hf. published its Q3 2024 results after market closing on 30 October 2024.

Helstu niðurstöður

The Icelandic Competition Authority has been investigating alleged violations by Festi hf. of the terms of the settlement that the company entered into with the Icelandic Competition Authority on 30 July 2018 regarding a merger with Hlekkur ehf. (then named Festi hf.) and Articles 17 and 19 of the Competition Act No. 44/2005. The investigation reaches back to year 2018.

Karen Ósk Gylfadóttir has been appointed Managing Director of Lyfja hf. as of today and will join the Executive Management team of Festi.

In Festi's announcement, dated 10 April 2024, it was announced that the company and Olís, a subsidiary of Hagar, had reached an agreement to begin preparations for the sale of the companies' shares in Olíudreifing ehf. ("Olíudreifing").

Please see attached major shareholder announcement.

Festi hf. published its Q2 2024 results after market closing on 31 July 2024.

Main results

On 10 July 2024 the closing between Festi and SID ehf. occurred regarding Festi's acquisition of all shares in Lyfja hf. In connection with this closing, the board of directors of Festi has resolved to exercise its authorization under Article 5, Paragraph 5 of the company's articles of association to increase the company’s share capital in order to partially pay the purchase price in the aforementioned transaction by issuing new shares in the company to SID ehf. As a result, the company’s share capital will be increased by 10,000,000 shares, bringing the total nominal value to ISK 311,500,000 after the increase. Each share has a nominal value of one ISK, and each share carries one vote.

Today, payment of the purchase price for the entire share capital of Lyfja hf. to the seller was completed and the company has thereby become part of the Festi Group. As previously announced, Festi signed an agreement for the acquisition of the entire share capital of Lyfja hf. on July 13, 2023. On June 14, 2024, Festi and the Icelandic Competition Authority reached a settlement regarding the purchase, which was the final contingency for the acquisition of Lyfja. The reference closing date for the acquisition is July 1, 2024, and Lyfja will therefore be included in Festi's consolidated financial statements as of that date.

Sjá hjálagða flöggunartilkynningu. 

Please see attached major shareholder announcement.

Festi og Ýmir Örn Finnbogason hafa komist að samkomulagi um að hann láti af störfum sem framkvæmdastjóri N1 frá deginum í dag en hann stígur um leið út úr framkvæmdastjórn Festi. Ýmir Örn hefur starfað sem framkvæmdastjóri N1 frá júní 2023. Ásta S. Fjeldsted, forstjóri Festi, mun gegna starfi framkvæmdastjóra N1, þar til nýr aðili verður ráðinn en starfið verður auglýst laust til umsóknar á næstu vikum.

Festi and the Icelandic Competition Authority (the “ICA”) have signed a settlement regarding Festi’s acquisition of all shares in Lyfja hf. Thus, the merger has been approved by the ICA. The settlement provides for remedies that will effectively preserve and promote active competition in the markets affected by the merger and remove the competitive obstacles that the merger would otherwise have caused according to the ICA’s preliminary conclusions. Thereby, the ICA’s has concluded its investigation of the merger.

Festi’s settlement with the ICA includes the following provisions: