Changes among the shareholders in Arion Bank
The transactions with shares in Arion Bank announced the week before last have been completed. Kaupskil ehf. has acquired the government’s 13% stake in Arion Bank and the government is therefore no longer a shareholder in Arion Bank. Arion Bank also acquired 9.5% of its own shares. These transactions were settled today, five days later than originally planned, and the purchase price of the sold shares therefore changed slightly in accordance with the terms of the agreement between Kaupskil and the Icelandic government. The Icelandic government is receiving ISK 23.5 billion for its stake in Arion Bank.
A total of 24 established Icelandic investment funds have come on board as shareholders in Arion Bank, with a total shareholding of 2.54%, and the shareholding of each fund is less than 1%. Two shareholders in the Bank have increased their stakes: Trinity Investments (Attestor Capital LLP) by 2.0% and the international investment bank Goldman Sachs by 0.8%. Kaupskil also sold 1.84% of its existing stake in Arion Bank in this transaction.
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Shareholders of Arion Bank who own more than 1% of the Bank’s shares – 26. February 2018 |
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Kaupskil ehf. |
55.57% |
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Trinity Investment Designated Activity Company (Attestor Capital LLP ) |
12.44% |
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TCA New Sidecar III s.à r.l. (Taconic Capital Advisors UK LLP) |
9.99% |
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Arion banki hf. |
9.50% |
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Sculptor Investments s.à r.l. (Connected to Och-Ziff Capital Management Group) |
6.58% |
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ELQ Investors II Limited (Goldman Sachs International) |
3.37% |
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Additionally 24 established Icelandic investment funds own combined 2.54% stake. |
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In accordance with the resolution passed at the shareholders’ meeting of Arion Bank on 12 February, where it was agreed to pay shareholders in the Bank ISK 25 billion in dividend, minus the share buyback amounting to ISK 17.1 billion, Arion Bank will pay its shareholders ISK 7.9 billion in dividend, which was conditional up on Kaupskil selling shares in Arion Bank. The dividend and the share buyback are consistent with the Bank’s long-term strategy of reducing excess capital, and the Bank’s capital ratio remains strong and well above the requirements made by regulators.
Kaupskil’s share of the dividend, ISK 4.4 billion, and the proceeds from the 1.84% shareholding in the Bank, ISK 3.3 billion, will go directly to the Icelandic government as a stability contribution, a total of ISK 7.7 billion. The Icelandic government will therefore receive more than ISK 31 billion from these transactions with shares in Arion Bank and the dividend.
For further information please contact Haraldur Gudni Eidsson of Arion Bank's Communications division at haraldur.eidsson@arionbanki.is, or tel. +354 856 7108.
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