SKEL fjárfestingafélag hf.: The equity offering of Drangar hf. is completed

Core Insights - SKEL fjárfestingafélag hf. has successfully completed the settlement for the purchase of share capital in Samkaup, with Drangar hf. commencing operations as the parent company [1] - The equity offering raised ISK 3.6 billion, exceeding the target of ISK 3 billion, with a share price set at ISK 12, leading to an equity value of ISK 24.3 billion prior to the capital increase [2] - Following the offering, SKEL's ownership in the company stands at 61%, valued at ISK 17.1 billion based on the offering price [3] Investment Details - The offering attracted domestic institutional and professional investors, along with private investors, and included a shareholders' agreement to guide governance and operations ahead of a planned stock exchange listing in 2027 [3] - Íslandsbanki hf. managed and underwrote the offering, with Fossar fjárfestingarbanki hf. providing corporate finance advisory services and BBA//Fjeldco offering legal counsel [4] Management Perspective - The CEO of SKEL expressed optimism regarding the company's funding for operational improvements at Samkaup, noting positive consumer reception to changes in store operations and a successful streamlining of operations [5]