Translation - Icelandic-English - Ái á Á, á á í á.

I found this tongue-twister and it said that it meant "Grandfather from 'Á' farm has a sheep in a river." I wanted to know if this was true.

Ái á Á, á á í á.

Ái -> ancestor -> or from "afi" -> grandfather
á -> on, in, at
Á -> river, water, stream, (or Á is the name of a farm)
á -> present indicative of eiga -> own
á -> accusative and dative of "ær" -> ewe (female sheep)
í -> in, on
á -> river, water, stream.

"grandfather at the river owns an ewe in the river"

If "Á" is the name of a farm:

"grandfather at Á owns an ewe on the river"

To make understandable:

"my grandfather who lives at Á farm, owns an ewe in the river"