Íslandsbanki hf. obtains 42 percent of shares in Icelandair Group hf.

18.05.2009

Íslandsbanki hf. has, as of today, obtained 42% of shares in Icelandair Group hf. The shares were acquired at the price of ISK 4.5 per share which is the last trading price of the company’s shares. Total shares owned by the Bank after the acquisition is 47%. This change in ownership will not affect the daily operations of Icelandair Group hf.

The shares which Íslandsbanki hf. has taken possession and title of today were pledged as security for loans to finance shareholders investment in Icelandair Group.

Financial restructuring continues
Operations of Icelandair Group hf. in the first quarter 2009 exceeded management’s expectations. Íslandsbanki hf. has worked closely with Icelandair Group hf. on the financial restructuring of the company. This work is in progress and the Bank intends to continue to work with the company’s management team.

The company will continue to be listed
Icelandair Group hf. is listed on Nasdaq OMX Stock Exchange and its current number of shareholders is 850. The group consists of 12 subsidiaries working in the airline and travel service industry with a total of 4000 employees.

It is the intention of Íslandsbanki hf. that Icelandair Group hf. will continue to be a listed company at Nasdaq OMX. The Bank intends to sell its stake in an open and transparent sales process at earliest possible time.

The Financial Supervisory Authority in Iceland has granted Íslandsbanki hf. an exemption from a mandatory bid, but has limited the Bank’s voting rights to 30% of the common stock.

A shareholders meeting is expected to be held in the near future.

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