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Opening of offers for specific assets and liabilities of the Agricult. Loan Fund   30.9.2005 09:39:57
Flokkur: Skuldabréfafréttir      Íslenska  English
In recent weeks, the Executive Committee on Privatisation has been working on the sale of certain assets and liabilities of th

In recent weeks, the Executive Committee on Privatisation has been working on the sale of certain assets and liabilities of the Agricultural Loan Fund, and, in accordance with the work and time schedules of the Committee, offers will be opened on Friday, 30 September of this year, at two p.m. at Radisson SAS Saga Hotel - Sunnusalur.

In order to secure transparency the Executive Committee on Privatisation will open the offers in the presence of all offerors. Furthermore, the media are also invited to attend the opening.

 

The following is an outline of the offering process:

On 10 May of this year the Althing, through the enactment of Act No. 68/2005, amending Act No. 68/1997 on the Agricultural Loan Fund, authorised the Minister for Agriculture to sell all the assets of the Agricultural Loan Fund and negotiate the taking over of its liabilities. On 20 June the Minister for Agriculture instructed the Executive Committee on Privatisation to take charge of preparations for the sale.

 

In the month of July, the Executive Committee on Privatisation published, in Iceland and abroad, a call for participation in a pre-selection procedure for the tendering of the assets and liabilities of the Fund. The notice specified the conditions to be met by partici­pants for eligibility in the pre-selection procedure. On 12 August, the Executive Committee on Privatisation announced that five investors had submitted applications for participation in the tendering process and that three of these parties – Íslandsbanki hf., Kaupthing Bank hf. and Landsbanki hf. – met all the conditions of the Committee for further participation.

 

On 26 August, following the signature of a declaration of confidentiality, the participants in the tendering procedure were delivered tendering documents which included a detailed description of the arrangements of the sale. Furthermore, information meetings have been held with participants and they have been granted further access to documents on the premises of the Agricultural Loan Fund in Selfoss.

 

The tendering procedure calls for evaluation of offers based on the highest price, but the Executive Committee on Privatisation reserves the right to refuse all offers if they prove unacceptable. Furthermore, the procedure assumed that a purchase agreement would be prepared concurrently with the tendering process; the contract has now been completed and sent to the participants in the tender in the form of a final draft. No further negotiations are foreseen following the opening of the tenders. Execution of a purchase agreement is scheduled for next week, and payment should be effected on the delivery of the sold property following approval by the Financial Supervisory Authority and the Competition Authority.

 

Reykjavík, 30 September 2005

Executive Committee on Privatisation

 


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