The open procedure of the offer of shares in Fjarskipti hf. (Vodafone) ended yesterday, 6 December, while the closed procedure ended on 3 December 2012. In the open part of the procedure, which was open to the public, 10% of the shares in the company were offered for sale. Íslandsbanki served as advisor to both Vodafone and the seller, the Iceland Enterprise Investment Fund (EIF).

Subscriptions were received in the amount of ISK 1,652 in this part of the procedure, which corresponds to an oversubscription by 1.6 for the 10% share offered by the EIF. The offering price was ISK 31.5 per share. In the closed procedure, which ended last Monday, 3 December, offers were received in the amount of ISK 9,969 from investors. This part of the offer involved 40% of the shares in the company, held by the EIF. The total subscription came to  ISK 11,621, which corresponds to oversubscription by a factor of 2.2 for the 50% interest offered for sale.

In light of the excess demand, the Iceland Enterprise Investment Fund will increase the number of available of shares and sell an additional 10% interest in Vodafone. This means that a 60% share in Vodafone will change hands on the admission of the company to trading on the NASDAQ OMX Iceland hf. Stock Exchange. Proceeds from the sale will amount to ISK 6,344 million

Following the sale, the EIF will retain a 19.7% share in the company. The Fund became involved in the company in early 2010 and has played an active ownership role since that time. The company underwent extensive restructuring over the period, both with regard to operations and financing; this work was completed in the autumn of this year. The principal objective of the EIF was to enable the company to meet the conditions of the Stock Exchange, including conditions regarding public ownership and number of shareholders. The results of the offering are in line with those objectives.

Thór Hauksson, Chairman of the Board of Vodafone and Investment Manager at the Iceland Enterprise Investment Fund:

“It is extremely satisfying to witness the significant investor interest in Fjarskipti hf. and the achievement of the objectives of the stock offering. The company has been joined by new shareholders and will subsequently be admitted to public trading. On behalf of the board of directors of Vodafone and the Iceland Enterprise Investment Fund I would like to express my thanks to the company’s employees for their productive work. At the same time, I would like to extend my welcome to the new shareholders. Vodafone will now focus on maintaining good relations with shareholders, analysts, future investors and NASDAQ OMX”.