Samherji moves to buy back shares and de-list from ICEX
March 30, 2005
The Fjordur Investment Company, a vehicle owned by Þorsteinn Már Baldvinsson CEO of Samherji hf, Kristján Vilhelmsson Mananaging Director of Samherji hf and Finnbogi A. Baldvinsson CEO of Pickenpack Hussmann and Hahn Seafoods, has purchased 7.33% of the shares in Samherji hf. Fjordur has entered into an agreement with Bliki ehf, Tryggingamiðstöðin hf and F-15, the other principal institutional shareholders regarding the management and operations of Samherji hf. Between them these parties now control 60.91% of the company and are now under an obligation to make a mandatory takeover offer within 4 weeks according to Article 32 of the Act Number 33/2003 on Securities Transactions. The Group have tabelled an offer based on the the peak level at which Samherji´s shares traded in the last 6 months, i.e. ISK 12,1. On completion of the buy-back Samherji will de-list from the Icex Main List Stock Exchange. The Company’s Board of Directors will propose at Samherji´s Annual General Meeting, a 30% dividend to stockholders for the year 2004.