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Eimskip: Reduction of share capital

Eimskipafelag Islands hf.
·2-min read

Reference is made to a press release from 25 March 2021 on the results of the Company‘s Annual General Meeting approving to reduce the Company’s share capital by ISK 11,800,000 and the share capital being reduced to 175,200,000 nominal value. The share capital will be reduced by decreasing the Company‘s treasury shares and by a decrease of capital with cash payment to shareholders.

The Register of Enterprises of the Icelandic Revenue and Customs has now approved to grand the Company an exemption from the duty to issue a call to shareholders, cf. Article 53.2 of the Act no. 2/1995 respecting Public Limited Companies.


Reduction of treasury shares

The Company‘s treasury shares will be reduced by ISK 6,100,000, or from ISK 187,000,000 to ISK 180,900,000 nominal value. Prior to this treasury shares amounted to 3.28% of total issued shares, but will after the reduction amount to 0.00018% of total issued share capital. An application has been sent to Nasdaq and the reduction of Company‘s treasury shares will be executed on Wednesday 7 April 2021. We also refer to a Market Notice that will be issued by Nasdaq Iceland regarding the decrease.


Reduction of capital with cash payment to shareholders

This reduction of capital will amount to ISK 5,700,000 nominal value with cash payment in the amount of ISK 1,675,800,000. The amount will on 30 April 2021 be paid to shareholders proportionally in accordance with their shareholding as registered in the Company‘s share registry at the end of the date of 29 April 2021. The amount of share capital reduction in the excess of nominal value will be recognized as a reduction of share premium or ISK 1,670,100,000. The last business day where the Company‘s shares will be trading with the right to payment regarding the reduction of share capital will be Tuesday 27 April 2021. The execution of this reduction will be as follows:

  • X-date 28 April 2021

  • Record date 29 April 2021

  • Reduction date 30 April 2021

  • Pay date 30 April 2021


For further information, please contact Edda Rut Björnsdóttir, Executive Vice President of Human Resources & Communications via phone (+354) 825-3399 or investors@eimskip.is