Skeljungur hf.: Investors invited to submit non-binding offer for Skeljungur subsidiary P/F Magn due to increased interest. Offers to be submitted before next 4 June.

Last 24 March Skeljungur published a notice to the effect that the board of directors had made a decision to assess the advantages of the Company’s future ownership of P/F Magn. Following interest expressed by investors another notice was published last 13 April, where Skeljungur disclosed an extract from P/F Magn’s 2021 budget.

Investors have expressed interest in submitting an offer to buy P/F Magn, and, accordingly, the board of directors of Skeljungur hf. decided to invite investors to submit such offers for P/F Magn, Skeljungur’s subsidiary in the Faroe Islands. Offers are to be submitted before next 4 June to Kvika Bank hf.’s Corporate Finance division, which is acting as Skeljungur’s advisor. The possible sale of P/F Magn is subject to approval of shareholder´s meeting and other conditions that parties may set.

It is uncertain what direction the matter will take; further information will be provided as matters progress.

It should be noted that the above is a part of the process of assessing the advantages of future ownership of P/F Magn, as announced in a notice published last 24 March.

For further information, please contact Árni Pétur Jónsson, CEO fjarfestar@skeljungur.is.

www.skeljungur.is

https://www.linkedin.com/company/skeljungur-hf/