The Iceland Enterprise Investment Fund (EIF) has sold its entire remaining share in Fjarskipti hf (Vodafone). EIF held just short of 20 percent of the shares in the company, but now no longer holds any interest. Following the sale, Thor Hauksson, Chairman of the Board of Directors and Investment Manager at EIS, has announced that he will not be a candidate in the election to the board of directors of the company at the next Annual General Meeting.
The Iceland Enterprise Investment Fund acquired a majority holding in the company in early 2010, when the Fund bought Vestia Holding. Since that time, the EIF has been actively involved in the company’s management. At the time of its acquisition by the EIS, Vodafone formed a part of the Teymi group, but the EIS participated in splitting up the group, and Vodafone subsequently went through an extensive restructuring process, both with regard to its operations and financing. The restructuring was concluded with an increase in share capital in 2012 as part of the preparations for public listing . Fjarskipti was listed on the Iceland Stock Exchange in December 2012, with the EIF concurrently selling an approximate 60% share in the company, while retaining holdings just short of 20%, which have now been sold.
The principal objective of the EIF with thelisting was to enable the company to meet conditions set by the Stock Exchange, including conditions regarding public ownership and number of shareholders. The results of the offering were in line with those objectives. Fjarskipti is the first unlisted company held by the Iceland Enterprise Investment Fund which has been listed in the market and subsequently divested in full.