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365 - Raise in share capital   9.3.2007 09:42:14
News categories: Corporate news      Íslenska  English
The Board of Director’s of 365 hf

The Board of Director’s of 365 hf. decided on March 8th 2007 to raise the company’s share capital by ISK 60.800.000 in accordance with paragraph 2.01.4 of the company’s Article’s of Association.  The shares will be delivered to Fons Eignarhaldsfélags hf. due to the acquisition of Innn hf.


365 hf. has bought the total capital shares in Innn hf. from Fons Eignarhaldfélagi hf. and paid by handing over the following 60.800.000 share in 365 hf.


Innn hf, consultant- and software house was founded in 1997 and is the oldest company in its sector.  Innn has from the beginning been specialised in web solutions by developing the LiSA content management system.   The turnover for the year 2006 amounted ISK 132 million and EBITDA amounted to ISK 27 million.  The turnover for the year 2007 is expected to be about ISK 180 million and EBITDA about ISK 40 million.  Net interest bearing debt is zero.  The company has turned a profit for last 3 years.


Sigrún Guðjónsdóttir CEO of Innn hf.: I’m very pleased that Innn can now take the next step in its rapid growth with the participation of the new investors.  I see that being part of 365 Group will give the company many opportunities such as additional scope for expanding the market share.


Under Sigrún Guðjónsdóttir management the company growth has been at average 40% last three years.  Sigrún will stay as the MD of the company and no changes is expected in the business.


Ari Edwald CEO of 365 hf.:  We have no intention to changes the business or it´s strategy.  We think that the business will rather strengthen 365 hf. in the field of web communication and solutions.


The total share capital prior to the raise amounted to ISK 3.368.807.348.  After the raise the total share capital is ISK 3.429.607.348.  The raise in share capital will enter into force once registered by the Registrar of Companies.