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Eimskip: Reduction of share capital

Eimskipafelag Islands hf.
·2-min read
Eimskipafelag Islands hf.
Eimskipafelag Islands hf.

Reference is made to a press release from 9 March 2023 on the results of the Company‘s Annual General Meeting approving to reduce the Company’s share capital by ISK 5,200,000 and the share capital being reduced to 167,850,000 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 grant 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 1,700,000 and will post reduction be ISK 1,761,307. The share capital will be reduced from ISK 173,050,000 to ISK 171,350,000 nominal value in relation to this reduction. Prior to this treasury shares amounted to 2.0% of total issued shares but will after the reduction amount to 1.05% of total issued share capital. An application has been sent to Nasdaq and the reduction of Company‘s treasury shares will be executed on Tuesday 25 April 2023. We also refer to a Market Notice that will be issued by Nasdaq Iceland regarding the decrease.

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Reduction of capital with cash payment to shareholders

This reduction of capital will amount to ISK 3,500,000 nominal value with cash payment in the amount of ISK 1,925,000,000. The amount will on 26 April 2023 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 25 April 2023. The amount of share capital reduction in the excess of nominal value will be recognized as a reduction of share premium or ISK 1,921,500,000

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 Friday 21 April 2023. The execution of this reduction will be as follows:

  • X-date 24 April 2023

  • Record date 25 April 2023

  • Reduction date 26 April 2023

  • Pay date 26 April 2023