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2008-04-04 17:54:17 CEST 2008-04-04 17:55:15 CEST REGULATED INFORMATION Icelandic Group hf. - Company Announcement- Icelandic Group hf. intends to investigate possible delistingThe Board of Icelandic Group hf. has advertised that its AGM will be held at 4:00 pm on 18 April, in the Súlnasalur meeting room of Radisson SAS Hotel Saga in Reykjavík. Among the motions from the Board of Icelandic Group hf. to be submitted to the AGM is a motion that shareholders authorise the company's Board to request that its shares be delisted from the Nasdaq OMX Nordic Exchange in Iceland. In the estimation of the company's Board of Directors, Icelandic Group hf. has not managed to avail itself of the benefits of being a listed company in recent years. Trading the company's shares has been limited and price formation ineffective, in addition to which the distribution of the company's share capital is narrow and below the reference criteria of Nasdaq OMX Nordic Exchange in Iceland. Work on financial restructuring and cost reduction in Icelandic Group's operations has been underway for some time and is expected to continue. The proposed issuance of a convertible bond is part of this financial restructuring, enabling the company to continue working towards its objectives. In consideration of the fact that an official stock exchange listing can be burdensome, for instance, due to disclosure obligations which can prejudice the company's position vis-à-vis competitors, and that Icelandic Group hf. is not properly benefiting from the advantages of listing, the company's Board of Directors regards this move to be practical and realistic, and in the best interest of the company and its shareholders. For further information: Finnbogi A. Baldvinsson CEO of Icelandic Group tel: +49 1723 198 727 |
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