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2008-02-13 19:40:43 CET 2008-02-13 19:41:50 CET REGULATED INFORMATION Atorka Group hf. - Company AnnouncementPurchase agreement between largest shareholders in Geysir Green Energy's and FL-Group has been reached.The combined stake is 43.1% and the total purchase price was ISK 10.5 billion. Atorka's subsidiary, Renewable Energy Resources, now holds 43.8% stake, VKG Invest owns 10.8%, Bar Holding 2% stake and Reykjanestown holds 1%. Glacier Renewable Energy Fund, investment fund managed by Glitnir holds 42.4% stake in Geysir Green Energy. Simultaneously with the sale, FL-Group has transferred 18.4% of it's stake in Geysir Green Energy into Glacier Renewable Energy Fund. Glacier Renewable Energy is a green investment fund managed by Glitnir Funds hf. GREF's that invests in renwable energy projects . Glitnir's current stake in Geysir Green Energy will be placed into Glacier Renewable Energy Fund that is part of Glitnir's asset management business . Glacier Renewable Energy Fund will hold 42.4% stake in Geysir Green Energy. Atorka has increased its share in Geysir Green Energy (GGE) about 11.5%, through its company Renewable Energy Resources (RER), Atorka now holds 42.8% stake in the company. The total purchase price of their shares was ISK 2.7 billion; the buy was financed with property sale and has therefore no influence on the company's financial position which remains very strong. Magnús Jónsson, CEO of Atorka Group:"We are pleased to increase our share in Geysir Green Energy because we believe in the company and foresee great investment opportunities in geothermal energy. Great deals of projects are ahead in this field where Geysir and its subsidiaries remain strong on the international market". Magnús Bjarnason, EVP International Banking."The foundation of Geysir Green Energy was one year ago was new chapter in Glitnir's geothermal strategy; Glacier Renewable Energy is another large step in the development of our niche strategy. We have been approached by number of investors that would like to co invest in our niche strategy, Glacier is ideal product for those investor and new and exciting chapter in Glitnir business development". Jón Sigurðsson, CEO of FL-Group:"FL-Groups decision to sell its stake in Geysir is a part of the company's revised strategy concerning investments outside nuclear investments. Geysir has prospered under FL-Groups leadership and grown considerable in a short amount of time. Geysir's future is bright and we trust Atorka Group and Glitnir Bank for the future of the company, they possess specialised knowledge in the field of environmental energy. FL Group will continue to have vested interest in Geysir Green Energy as primary investor in Glitir Bank. About Atorka Group Atorka is an investment company that supports progressive enterprises that take advantage of worldwide developments, assisting those companies in becoming global leaders. In its investments, Atorka seeks out companies that have sound operations and strong management and possess the potential for substantial internal and external growth. The Company targets projects with considerable potential for growth and value enhancement, aiming at investments for periods of 3-5 years. For further information contact; Magnus Jonsson, CEO of Atorka Group tel.: +354 5406200 and Valdis Arnardottir PR and Communication Manager tel.: +354 8406217 |
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