Announcement no. 19 / 2010
Further to announcement no. 15 on 5 March 2010 on the divestment of Bakkafrost.
Today, Bakkafrost an-nounced that it has successfully completed a share
offering at NOK 31 per share, in connection with the listing of the company`s
shares on Oslo Børs. Føroya Banki's shareholding in Bakkafrost has been put up
for sale in connection with the IPO. Prior to the sales process Føroya Banki
owned 33.7 percent of the shares in Bakkafrost.
The proceeds from the sale of the shares in Bakkafrost amount to DKK 431
millions. The shares have been booked at the acquisition price of approximately
DKK 51 millions, therefore Føroya Banki books a capital gain of DKK 380
millions on the sale. The capital gain will be taxed with the Faroese corporate
tax rate of 18 percent.
In the annual report for 2009 the outlook for the results in 2010 were provided
excluding any potential capital gain on the divestment of Bakkafrost.
Nordea Markets and Føroya Banki have been Joint Bookrunners and Joint Lead
Managers in the Offering and Listing of Bakkafrost.
For further information:
Janus Petersen, CEO, phone +298 330 340
Johnny i Grótinum, IR, cell phone +298 230 380
www.foroya.fo/ir
