Agreement with Samson ehf.
Press Release
Agreement with Samson ehf.
The Executive Committee on Privatisation and Samson Holding ehf. have reached an agreement on the acquisition by Samson of 45.8% of the shares in Landsbanki Íslands hf. The price is slightly over ISK 12.3 billion. The agreement is made subject to due diligence by both parties, and the main points of the agreement are as follows:
· Delivery of the shares will take place in two stages, with 33.3% of the shares to be delivered following signature of a purchase agreement and 12.5% one year later.
· The average net present price of the shares in the transaction is 3.91. This is 6% above the 90-day average price and 12% above the price in the State offering last June.
· The full acquisition price will be paid in US dollars, which will primarily be used to pay foreign debts of the State Treasury.
Following this transaction, the State interest in Landsbanki will amount to approximately 2.5%.
A purchase agreement is scheduled for completion before the end of next month.
Reykjavík,19 October, 2002