Klakki

VÍS share offering greatly oversubscribed

17.04 2013

70% shareholding sold for ISK 14.3 billion at price of ISK 7.95-9.20 a share

A successful public offering of shares in Vátryggingafélag Íslands hf. (VÍS) was completed yesterday, 16 April 2013, at 4:00 p.m. Almost 5,000 investors submitted offers to buy shares totalling ISK 150 billion. The Corporate Finance - Investment Banking division of Arion Bank hf. managed the offering and the proposed listing of the company on NASDAQ OMX Iceland. The shares were sold by Klakki ehf. 

In light of the demand Klakki decided to exercise its authority to increase the size of the offering and it finally represented 70% of issued shares in VÍS. The offering raised proceeds of ISK 14.3 billion. Offers between ISK 7.95 and 9.20 a share were accepted upon allocation. The final offer price in books A and B is ISK 7.95 a share and in book C the average price is ISK 8.52 a share.

Approximately 14.55% of issued shares in VÍS will be allocated to investors who subscribed in book A to buy shares of ISK 0.1 to 50 million, and each investor will be allocated shares amounting to ISK 0.1-1.5 million. Approximately 30.70% of shares in VÍS will be allocated to investors who subscribed in book B to buy shares of ISK 50 million or above, and each investor will be allocated shares in the amount of 5% of their valid subscription. Investors who subscribed in book C will be allocated 24.75% of the issued shares in VÍS for ISK 5.3 billion.

Magnús Scheving Thorsteinsson, CEO of Klakki:   “It is really pleasing to see such a high level of interest among investors in this offering and the results are positive both for Klakki and VÍS. Following the offering, Klakki retains an interest in the company and the company is pleased to be able to welcome almost five thousand new shareholders at this key moment."

Shares in VÍS are expected to be admitted to trading on the Main Market of NASDAQ OMX Iceland on Wednesday 24 April 2013. The stock exchange will announce the first day of trading with at least one business day’s notice.

The final due date of payment for receipts sent to investors is 23 April. After 9:00 p.m. on the final due date buyers will not be able to effect payment, unless the seller decides to collect unpaid subscriptions.

For further information please contact:

Halldór Bjarkar Lúdvígsson, Managing Director of Investment Banking, Arion Bank on +354 444 6541

Magnús Scheving Thorsteinsson, CEO of Klakki on +354 550 8601

Sigrún Ragna Ólafsdóttir, CEO of VÍS on +354 560 5000

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