Eimskip sale

LBI has sold a 7% stake in Eimskip shares to the Pension Fund of Commerce (Lífeyrissjóður verzlunarmanna). Yucaipa, the other major owner of Eimskip, has also sold a 7% stake to the Pension Fund. After this sale, LBI's ownership share is reduced to 30.3%.

This placement is ahead of a planned IPO on the Icelandic stock exchange later this year, through which LBI intends to exit some part of its remaining position.

LBI decided to sell its stake into the domestic Icelandic market this year given the strong position of Eimskip and the current investment climate in Iceland.

Eimskip has been doing well in its 3 years since restructuring and is in a strong financial and operational situation.

The current market environment is very supportive of this sale. The sales price realized will lead to an overall increase in LBI's estimated recovery from Eimskip.

LBI, together with its financial advisor, explored the possibility of selling its shares in Eimskip outside of Iceland. These efforts didn't result in a suitable offer at this point in time.

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