Þorsteinn Már Baldvinsson elected
Chairman of the Board for the new company
merger of Síldarvinnslan hf. and SR-mjöl hf. was approved at the annual general
meeting of Síldarvinnslan hf., held Saturday 8 March. Previously, the company
merger had been approved at the general meeting of SR-mjöl hf., so that the
merger is now finalised and the two firms have become one, Síldarvinnslan hf.,
as of 1 January 2003, with Björgólfur Jóhannsson as CEO and Þorsteinn Már
Baldvinsson as Chairman of the Board. It was agreed to pay stockholders 16%
dividends for 2002.
general meeting of Síldarvinnslan hf. agreed to the following motions by the
merging Síldarvinnslan hf. and SR-mjöl hf. Upon merger, Síldarvinnslan hf.
will, as the acquiring company, take over all operations of SR-mjöl hf. To this
end, equity in Síldarvinnslan hf. will be raised by ISK 528,400,000. The
stockholders relinquish their subscription right to the additional shares.
Additional shares amounting to ISK 527,792,385 will be turned over to
stockholders in SR-mjöl hf. in exchange for all shares in that firm, as
proposed by the merger plan. Immediately on the passing of this resolution, new
stockholders will receive voting rights in Síldarvinnslan hf.”
"Motion to change the Articles of Incorporation so that the Board
will be composed of five principal and two alternate directors.”
to pay 16% dividends to stockholders for 2002, based on company shares at
year's end, 2002, ISK 1,171,600,000, along with the added equity from 1 January
2003, ISK 528,400,000, introduced by the merger with SR-mjöl hf. RRegistered equity capital is thus ISK
1,700,000,000 if the merger is approved, and dividends will be paid on that
capital, such payment to occur on 25 May 2003.”
in reference to Article 55 of the Act Respecting Public Limited Companies, No.
2/1995, authorising the company's Board during the next 18 months to purchase
stock in Síldarvinnslan hf. up to a nominal value of ISK 170,000,000. The
purchase price of the shares may be as much as 10% over the average selling
price registered by the Iceland Stock Exchange during the last two-week period
before buying. To this purpose the company's Board is authorised to appropriate
up to ISK 850,000,000.
similar motion was approved at the annual general meeting of Síldarvinnslan hf.
on 12 April 2002, and that authorisation is cancelled upon approval of this
were elected to the Board of Síldarvinnslan hf.: Guðmundur Bjarnason,
Neskaupstaður, Finnbogi Jónsson, Hafnarfjörður, Heimir V. Haraldsson,
Reykjavík, Kristinn V. Jóhannsson, Neskaupstaður, and Þorsteinn Már
The name of the
new company will be Síldarvinnslan hf. and its headquarters will be in
Neskaupstaður, Fjarðabyggð, Iceland. Björgólfur Jóhannsson will be the
company's CEO and Þorsteinn Már Baldvinsson Chairman of the Board.
The merger of Síldarvinnslan hf. and SR-mjöl hf. has
created Iceland's largest company in the catching and processing of pelagic
fish. The firm's estimated yearly turnover is ISK 10-11 billion and its catch
quotas, including those of affiliated companies, total some 25,000 cod
equivalent tonnes, about 2/3 of which are permits for pelagic fish, totalling
around 330,000 tonnes. This figure is based on a 900,000-tonne allocation of
capelin. The operations of Síldarvinnslan hf. and affiliates are at fifteen
locations in Iceland, in addition to the USA and Greenland.
information will be provided by Björgólfur Jóhannsson, CEO of Síldarvinnslan
hf., Tel. +354 896 1455.