Fly Play hf. has entered into market making agreement with Arion Bank hf. for shares issued by Fly Play hf. listed on the Nasdaq OMX Iceland Stock Exchange.
According to the agreement, Arion Bank will submit bids and offers for the company's shares on all trading days in the trading system of the stock exchange. The amount of bids and offers shall be a minimum of ISK 200,000 nominal value. If Arion Bank's bids are accepted, Arion Bank shall submit another bid within 10 minutes of the last transaction. The maximum difference between bid and ask bids shall be 2.0% and the deviation from the last transaction price shall not exceed 3%. If Arion Bank trades in the company's shares for 800,000 shares with a nominal value or more in automatic pairing ("Automatch") within a trading day, the obligation to make a maximum difference between bids and offers within that day will be abolished.
Fly Play's agreement with Arion Bank takes effect from July 9, 2021 and is indefinite but can be terminated by each party with 14 days' notice.
Additionally, Fly Play hf. entered into an agreement with Landsbankinn hf. on market making for shares issued by Fly Play listed on the Nasdaq OMX Iceland stock exchange.
Landsbankinn hf. undertakes as a market maker to submit daily bids and offers for the company's shares for a minimum of ISK 5,000,000. at market value. Bids and offers must be renewed as soon as possible, but always within 15 minutes of being accepted in full. The maximum net amount that Landsbankinn is obliged to buy or sell every day is ISK 10,000,000. calculated as the difference between accepted bids and offers via auto-match trading. When the net maximum amount of the day is reached, the market maker's obligation on the filled side lapses until the net amount is back under the daily maximum net obligation.
The maximum spread between bid and ask price will be volume weighted and determined by the 10-day volatility in the share price of Fly Play hf. as it appears in Bloomberg's Information System at any given time. If the 10-day volatility is less than or equal to 20% the maximum volume weighted spread is 1,5%, if the 10-day volatility is higher than 20% but lower than 35% then the maximum volume weighted spread is 2,5% and finally if the 10-day volatility is equal to or higher than 35% then the maximum volume weighted spread is 4%.
The agreement enters into force on 9 July 2021 and is indefinite but can be terminated by each party with 7 days' notice.
For further information, please contact Þóra Eggertsdóttir, CFO of Fly Play hf. phone +354 861 7777
