A private placement of new shares in Marel Food Systems hf. was successfully completed on Thursday, October 16th 2008. Subscriptions for shares amounted to ISK 20,074,615 at face value at the rate of ISK 70 per share, equivalent to ISK 1,405,223,050 (approximately € 10 million). This is equal to 3.58% of the total equity in the Company. The Board of Directors of Marel Food Systems decided to accept all subscriptions for shares, the vast majority of which were from pension funds. The purpose of the share offering was to further strengthen the Company’s finances and to increase trade in its shares.
Marel Food Systems hf. is a multinational company and a leading global provider of advanced equipment and systems for the food processing industry. Projected pro forma revenues in 2008 amount to approximately €650 million from the Company’s core business, with an EBIT of 9%. The Company is financially sound with a strong equity ratio and an average maturity of debt of five years. Following a period of rapid external growth, the Company will now focus on internal growth and increased profitability.
Hörður Arnarson, President and CEO of Marel Food Systems, expressed satisfaction with the positive response to the private placement from qualified investors. „Marel Food Systems hf. is appreciative of the support that investors have shown the Company in this private placement, as well as in previous share offerings. It is particularly welcome at a time when conditions in the financial markets are unusual, to say the least.”
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