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:

The Icelandic Competition Authority has agreed to Festi’s request that the deadline for investigating the competitive effects of Festi’s acquisition of all shares in Lyfja hf. will be extended by twenty (20) working days from 21 May 2024. Accordingly, the Competition Authority’s deadline to complete the investigation is 19 June 2024 at the latest.

At the Annual General Meeting of Festi, held on 6 March 2024, the Board of Directors was authorized to approve a share option scheme and to enter into share option agreements with permanent employees of the Group, in compliance with Article 10 of the Income Tax Act No. 90/2003. Share option agreements have now been concluded with employees in accordance with the approved share option scheme. According to the scheme the share option applies to all permanent employees of Festi and its subsidiaries. The purpose of the scheme is to align the interests of the Group’s employees with the performance and long-term goals of the company, and thus the long-term interest of its shareholders.