At the Icelandair Group shareholders’ meeting on 30 November 2018 a proposal was passed to grant the Company’s Board of Directors authorization to increase share capital by up to ISK 625 million in nominal value. The Board of Directors has decided to forego its authorization for a private placement of up to ISK 499 million in nominal value in December 2018, as per item 3.a. of the shareholders’ meeting proposal. In lieu of a private placement the Board has decided to organise a single offering of shares in nominal value of up to ISK 625 million. The offering will solely be for holders of pre-emptive rights to shares in the Company and is estimated to take place before the end of the first quarter of 2019. Prior to the offering a full prospectus will be published. The Board of Directors will determine the size, share price, conditions of payment and other terms of the offering.
The objective of the share capital increase is to further solidify Icelandair Group’s financial position, preparing the Company for further growth and making it capable to seize opportunities that may present themselves in the current operational climate where Icelandair Group will be supplied with six new Boeing MAX aircraft in 2019. The Company’s current operational and financial outlook, as presented at the recent shareholders’ meeting, relinquishes the need for a share capital increase before year-end as previously proposed. The proposed timeframe acts to reduce the uncertainty concerning the Company’s competitive environment as well as allowing for more detailed information to be distributed to shareholders prior to the offering.
For futher information please contact:
Bogi Nils Bogason, President and CEO
Tel: +354 50 50 300 or email: email@example.com