Eimskipafélag Íslands hf. - Company Announcement

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.”