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Results of the share offering in HB Grandi hf.

A 27% shareholding sold for ISK 13.6bn at a rate of ISK 27.7 per share.

A successful general offering of the shares in HB Grandi hf. ended yesterday on 10 April and wherein 3,000 investors requested to purchase shares for a total of ISK 23bn. The Investment Banking Department of Arion banki hf. managed the share offering and the planned listing of the company on the stock exchange after the completion of the offering. The sellers of the shares are Arion banki hf., Vogun hf. and Fiskveiðahlutafélagið Venus hf.

The offering corresponds to 27% of issued shares in HB Grandi, and its sale value amounts to ISK 13.6bn. The final offering price was ISK 27.7 per share in both order books in the offering. Taking this rate into account, the value of all the shares in the company is approximately ISK 50bn.

The shares will be sold to approximately 2,500 shareholders. No shares will be sold to those who offered less than ISK 27.7 per share. Approximately 5% of the issued shares of HB Grandi will be allocated to investors who registered in order book A for the purchase of the equivalent of ISK 0.1–25m, and each party will be allocated shares valued at around ISK 0.1–13.3m. Approximately 22% of the shares issued in the company will be allocated to investors who registered in order book B for the purchase of shares valued ISK 15m or more, and subscriptions that are at and more than the offer rate will be fully allocated. The largest allocation in the offer is a 5% shareholding to a single investor.

Vilhjálmur Vilhjálmsson, CEO of HB Grandi hf.: “I would like to welcome the new investors to the group of 570 shareholders currently in the company and celebrate the milestone of seeing HB Grandi return to the Main Market. The company has been on the Icelandic stock exchange since 1992. I am delighted with the trust shown to us by investors in the offering. There are exciting times ahead for the company with changes in the focus of its operation in conjunction with the renewal of its fleet.”

Höskuldur H. Ólafsson, CEO of Arion banki hf.: “It gives me great pleasure to have been involved in providing the Icelandic public the opportunity to invest in the Icelandic fisheries sector. This has been done in consultation with other larger shareholders. We are satisfied with the price we are receiving for the shareholding sold in the offering, while being, at the same time, happy to continue to own shares in the company, as we have every confidence in its future as one of Iceland’s most dynamic fisheries companies.”

Investors will be sent information about the allocation together with payment instructions as soon as the Iceland Stock Exchange confirms that the shares in HB Grandi hf. have been accepted for trading in the Exchange’s Main Market. The final due date for investors is assumed to be on 23 April 2014, and trading with shares in HB Grandi will begin on the Main Market on Friday, 25 April. The Stock Exchange will issue an announcement of the first day of trading with at least one business days’ notice.

Further information will be supplied by:

Vilhjálmur Vilhjálmsson, CEO of HB Grandi hf., tel. no 550 1000.
Haraldur Guðni Eiðsson, Head of Communications at Arion banki, tel. no 856 7108