Bunadarbanki sells its
holdings in UA hf and Skagstrendingur hf for shares in Eimskipafelag Islands hf
Eimskip hf pays a 20% premium on market price for
shares in UA hf and Skagstrendingur hf
The Bank has already sold a major part of the shares in
Eimskip hf to investors
The Bank will handle a new share issue in Eimskip hf
Bunadarbanki Islands hf has sold its holdings in UA hf and
Skagstrendingur hf, both fisheries companies, to Eimskipafelag Islands hf. The share price for both companies is 7,2 or
20% over prevailing market price at the time of the transaction. As payment
Bunadarbanki gets shares in Eimskip hf amounting to 1,7 b.ISK at the current
market price. The Bank has already sold
a major part of that holding to investors.
The purchase by Eimskip in UA hf and Skagstrendingur hf.
forms a part of a strategy by Eimskip hf to create a strong fisheries company
that would constitute one of the three main pillars of Eimskip hf, i.e. in
freight transport, fisheries and an investment company. This is in line with a new vision formulated
by Eimskip hf.
Pending shareholders meeting approval, other shareholders in
UA hf. will be offered to exchange their shares in UA hf. for shares in Eimskip
hf on the same terms as Bunadarbanki.
New shares will be issued by Eimskip hf to meet this need.
Bunadarbanki will serve as an advisor, handle registration
of the new share issue and the exchange of shares.