Further segregation of business operations and establishment of subsidiaries
Following the decision made by the board of directors of Skeljungur hf. to enter into exclusive negotiations with a group of buyers regarding P/F Magn, and in accordance with an announcement of last 11 August regarding the decision to place part of Skeljungur hf. real estate in formal divestment process, the board of directors of the Company has now decided to further sharpen the points of focus of the Company’s business activities by establishing two new and independent subsidiaries. The proposed new subsidiaries are the following:
A company for retail services: The work of this company will focus on services to individuals, including the operation of Orkan’s service stations, Extra, 10-11, the Löður car wash stations, and the Lyfsalinn and Lyfjaval pharmacies, the operation of Gló as well as various real estate related to the above operations. The company will also hold the shares in Brauð & Co ehf. and Wedo ehf. (Heimkaup).
A company for corporate services: This company will engage primarily in sales of goods and services to corporations, distribution and procurement of fuel, lubrication oils, cleaning and chemical products, fertiliser and the provision of other goods and services to corporations. Sales of goods and services to large-scale customers in flight operations, fisheries and contracting will form a part of these operations as well as various real estate related to the above operations. Also, the company will hold the shares in Íslenska vetnisfélagið ehf., EAK ehf., Barkur ehf. and related companies.
An announcement has been made earlier of the establishment of a company around the operation and lease of depots owned by Skeljungur.
Skeljungur hf. will be the parent company of the above operating companies; its tasks will increasingly revolve around the management of shares held in operating companies, and other investments, as applicable. The plan is for Skeljungur hf. to remain a listed company.
Impending shareholders' meeting
In light of the above changes, and other changes that have been announced to the market, the board of directors of Skeljungur hf. will call a meeting of the Company's shareholders with the following matters included in the agenda of the meeting, in addition to other business that requires the attention of shareholders in the opinion of the board of directors:
Authorisation to sell Skeljungur hf.’s subsidiary, P/F Magn;
Authorisation to segregate operations and establish subsidiaries, according to the above;
Proposal for amendment of the objects clause of the Company’s articles of association to place greater emphasis on the management of holdings in operating companies and investment activities;
Authorisation to proceed with repurchases of own shares in the Company by means of an offer to shareholders.
The board of directors will provide greater details of its decisions and proposals in the notice of the shareholders' meeting and an explanation will be provided with each proposal.
Árni Pétur Jónsson, CEO:
“In line with the company´s points of emphasis and strategic work, various significant changes in the company´s operations have taken place lately, e.g., the formation of a retail division, purchase of Dælan and Löður, exclusive negotiations on the sale of P/F Magn, plans for the sale of part of real estate owned by Skeljungur and an increased participation in the operation of pharmacies, as Skeljungur will own a majority stake in Lyfsalinn. These changes are the result of work in formulating the company´s new strategy and take advantage of opportunities in the market. We consider the establishment of these subsidiaries to be an important part of sharpening the emphasis on the opportunities that the company has access to.”
For further information, please contact Árni Pétur Jónsson, CEO, email@example.com