Tuesday 11.January 2011
Icelandair Group hf (ICEAIR) has made an agreement with Saga Investment Bank regarding market making for the issued shares of ICEAIR. The purpose of the agreement is to improve liquidity and to
enhance transparent price formation in the company’s shares on NASDAQ OMX Nordic.
As a market maker, Saga Investment Bank is obligated to submit in its proprietary account daily bid and ask orders for ICEAIR‘s stock, for a minimum of 1,000,000 shares at a price determined by Saga Investment Bank. The maximum bid/ask spread may not exceed 1.5% and the deviation from last price paid cannot be greater than 3.0%. New orders shall be placed within 15 minutes in succession to prior orders getting filled. Under the agreement, Saga Investment Bank is obligated to provide liquidity for up to ISK 15,000,000 of nominal value daily.
