Marel’s private placement successfully concluded

by Editor
Tuesday, December 01, 2009

The Board of Directors of Marel Food Systems hf. (Marel) decided to accept offers totalling €38 million, equivalent to ISK 7 billion, in a successful private placement of new shares to professional investors.

The target increase in share capital for the Offering was 15% but subscriptions for a total of 111,136,497 shares were received, equivalent to an 18% increase. The Board of Directors decided to accept all subscriptions, which were from Icelandic pension funds and international and Icelandic professional investors.

The price per share, as determined by the Board, was ISK 63. With the Offering, Marel has liquidated 61.8% of the bond class MARL 06 1 and 17.6% of bond class MARL 09 1.

At the conclusion of the Offering, the company's Board of Directors decided to increase the company's share capital by 111,136,497 shares, representing an increase of 18%. The total share capital of Marel Food Systems will be 727,136,497 shares.