Eimskipafélag Íslands hf.
Excess demand in Book Building
An English translation of an Icelandic Press Release.published 2012-10-25 20:27:44
First phase of the company´s listing completed
Public offering starts 30 October 2012
Executive management waive all share options
Preparation for Eimskip‘s listing has been underway since the beginning of 2012. Straumur fjárfestingabanki and Íslandsbanki are joint listing advisors in relation to the offering. The first phase was completed today at 14:00 when offers from institutional investors subscribing for 20% of the company‘s total share capital were received. There was an excess demand in subscriptions from institutional investors in the book building, but total offers amounted to more than ISK 12,000 million. Offers in the amount of ISK 8,340 million were accepted at the price of ISK 208 per share.
Public offering starts next Tuesday, 30 October at 10:00 and will continue until 16:00 on Friday 2 November. In the public offering investors and the public can subscribe for shares in Eimskip at the book building price. In the public offering 10,000,000 shares or 5% of total issued share capital will be offered for sale. In cace of excess demand in the public offering, the company is authorized to offer 6,000,000 treasury shares for sale or 3% of total issued share capital. In total upto 8% of the share capital will be offered for sale.
Following receipt of offers in the book building, the executive management of Eimskip has decided to waive all share options in Eimskip, granted according to an option agreement in 2010 after a successful restructuring of the company. Appendix to the company’s Prospectus, according to article 46 of act no. 108/2007 on securities transaction, will be published regarding the abovementioned matter before the public offering starts. The option agreement was decided by the company’s Board of Directors and was approved unanimously at Eimskip’s Annual General Meeting in 2010.
Gylfi Sigfússon, CEO:
“It is with pleasure that we announce that the first phase in Eimskip’s listing has been completed and that a significant excess demand has been for the company’s shares. It is our hope that the public and other investors will be as interested in the company as an investment opportunity as the institutional investors have been. Eimskip is based on a solid ground and has considerable opportunities in our markets in the North-Atlantic. The employees of Eimskip have always had the company’s interest as a priority. Me and others in the company’s executive management want to ensure continuing growth of Eimskip and the company’s success on the stock market and have therefore decided to waive the share options that had been granted to us.”