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Skeljungur - Announcement Regarding Takeover Offer   6.8.2003 09:31:01
News categories: Major holdings   Insider trading   Corporate news      Íslenska  English

Press Release from Hf. Eimskipafélag Íslands, Sjóvá – Almennar tryggingar hf. and Kaupthing Bunadarbanki hf.


                Reykjavík, 5 August 2003


Steinhólar ehf. acquires over 90% in Skeljungur hf.


Offer to shareholders expected


Steinhólar ehf. has acquired over 90% of the outstanding share capital in Skeljungur and will make a bid to other shareholders in Skeljungur to redeem their shares at the price of 15.9 per share. Steinhólar is owned by Eimskipafélag Íslands’ (Eimskip Holding’s) subsidiary Burdarás, (owning 25%), Sjóvá-Almennar tryggingar (25%) and Kaupthing Bunadarbanki (50%). The shareholders of Steinhólar will run the operations of Skeljungur and intend to sell assets of Skeljungur not connected to the company’s core activities.


Burdarás, Sjóvá-Almennar tryggingar and Kaupthing Bunadarbanki have made an agreement to sell all their holdings in Skeljungur to Steinhólar ehf. at a price of ISK 15.9 per share. Burdarás is selling 176,351,072 shares (23.35%), Sjóvá-Almennar tryggingar is selling 189,005,625 shares (25.02%) and Kaupthing Bunadarbanki is selling 299,287,701 shares (39.62%). Steinhólar ehf. has in addition to the above acquired 8,575,354 shares in Skeljungur. Steinhólar ehf. will therefore own a total of 673,219,752 shares in Skeljungur or 90,7% of the company’s voting power.


Concurrently with the above transactions Burdarás will acquire all of Skeljungur’s shares in Eimskipafélag Íslands and Sjóvá-Almennar tryggingar will acquire Skeljungur’s shares in Sjóvá-Almennar tryggingar and Flugleidir. Furthermore, the parties behind the takeover intend to sell other assets which are not connected to Skeljungur’s core activities.


Steinhólar ehf. will shortly make a bid to other shareholders in Skeljungur to acquire their shares for ISK 15.9 per share which is the highest price paid by the parties for shares in Skeljungur in the last six months and simultaneously seek to exercise a redemption right towards shareholders in Skeljungur. The intention is to delist Skeljungur’s shares from the Iceland Stock Exchange.


Shareholders in Steinhólar ehf. have a mutual call option on each others’ shares in Steinhólar ehf. Furthermore, Burdarás and Sjóvá-Almennar tryggingar have a put option on its shares in Steinhólar ehf. towards Kaupthing Bunadarbanki hf.


The following people are considered insiders in relation to trading in shares in Skeljungur: Benedikt Jóhannesson, Chairman of the board of directors of Burdarás and Skeljungur; Fridrik Jóhannsson, Managing Director of Burdarás and alternate board member of Skeljungur; Hördur Sigurgestsson, board member of Burdarás and Skeljungur; Kristinn Björnsson, CEO of Skeljungur and board member of Sjóvá-Almennar tryggingar; Gudný Björnsdóttir, attorney-at-law at Sjóvá-Almennar tryggingar and a board member of Skeljungur.


The Corporate Finance Division of Kaupthing Bunadarbanki is supervising and advising on the transaction.


For further information please contact:

Hreidar Már Sigurdsson, CEO of Kaupthing Bunadarbanki, tel: +354 525-6108

Einar Sveinsson, CEO of SjóváAlmennar tryggingar, tel: + 354 569-2602

Fridrik Jóhannsson, Managing Director of Burdarás, tel: 525-7102