Klakki

VÍS share capital priced at ISK 17-20 bn in public offering to commence on 12 April

27.03 2013

Klakki ehf. intends to sell 60-70% of shares in Vátryggingafélag Íslands hf. in a public offering administered by Arion Bank Corporate Finance. The offering will include at least 60% of issued share capital and may be expanded to 70%. It begins on Friday 12 April and will conclude at 16:00 hrs. on Tuesday 16 April. The Board of VÍS has requested that the company’s shares be admitted for trading on the main list of the NASDAQ OMX Nordic Exchange in Iceland (OMXI) following the offering.

The objective of the public offering is to diversify ownership of VÍS, with general and institutional investors acquiring stakes in the company, enabling it to meet the minimum share capital distribution requirements made by OMXI of companies listed on the exchange. Klakki does not intend to sell any individual investors a qualifying holding in the company, as the purchase of 10% or more of an insurance company’s shares is subject to approval by the Financial Supervisory Authority.

Investors will be offered three subscription options, or three offer books. A seller requests a subscription in the price range of ISK 6.75-7.95 per share in offer books A and B, which corresponds to a total value of VÍS shares amounting to ISK 16.9-19.9 bn. In offer book A, 10% of VÍS shares are offered to investors wishing to buy stakes valued at between ISK 100,000 and ISK 50 m, while 30.1% of shares in offer book B will be offered to investors subscribing for stakes of over ISK 50 m. These stakes will all be sold at the same final offering price, which the seller will determine at the end of the subscription period. The price will be within the above-defined range. The price of shares sold in offer book C will not be determined in the same way, as the seller will offer four 2.475% stakes (a total of 9.9%) at a minimum price of ISK 6.75 per share. All shares sold in offer book C will be allocated at the price offered by the investor in question. In addition to this basic division, the seller will allocate 10-20% to one or more offer books, if the seller considers it warranted by the price and volume of demand.

VÍS is a strong company with deep roots in Iceland and a long, successful history of operations. It is the country’s largest insurer, with a market share of over one-third.

Interested investors are encouraged to acquaint themselves thoroughly with the company and the terms of the public offering, which can be found in the prospectus published by VÍS today, 27 March. The prospectus has been issued in Icelandic and is published on the company’s website: www.vis.is/fjarfestar. It can also be found on the website of the administrator of the offering, Arion Bank (www.arionbanki.is). Printed and bound copies will be available as of 3 April.

Further information can be obtained from:

Magnús Scheving Thorsteinsson, CEO, Klakki – tel: +354 774-7678 - mst@klakki.is

Þórbergur Guðjónsson, Arion Bank Corporate Finance – tel: +354 856-6823 - thorbergur.gudjonsson@arionbanki.is

Back

Older announcements