Company Announcement
Bakkavör Group Share Capital Increase
The share capital in Bakkavör Group (ICEX: BAKK) has been increased by 23,979,203 shares, pursuant to article 3 of the company's articles of association, in order to fulfil the company's obligations pursuant to convertible bonds owned by Kaupthing Bank hf. Shareholders do not have priority rights to the new share capital according to article 3 of the company's articles of association. The total number of shares in Bakkavör Group hf. after the increase is 2,157,888,219. The new shares represent approximately 1.1% of Bakkavör Group's registered share capital before the share increase. All obligations regarding convertible bonds in Bakkavör Group have now been fulfilled.
Further Information:
Hildur Árnadóttir, CFO
Tel: +354 550 9700
Bakkavör Group is a leading international food manufacturing company specialising in fresh prepared foods and produce. The Group operates over 46 factories and employs over 16,000 people in seven countries with a pro-forma turnover in 2005 of over £1 billion. The Group's Head Office is in Reykjavík, Iceland, and the business is listed on the Iceland Stock Exchange (www.icex.is Ticker: BAKK).
Bakkavör Group was founded in 1986 and celebrates its 20th Anniversary this year. During this time, the business has grown significantly and today Bakkavör Group is the largest provider of fresh prepared foods and produce in the UK.
The Group's vision is to be recognised and respected as the world's leading fresh prepared foods and produce provider. Bakkavör Group has attained leading market positions in its key market areas of ready meals, pizzas, convenience salads and leafy salads. In total, the Group makes over 4,700 products in 17 product categories, which are developed and sold predominantly under its customers' own brands. In addition to the UK and Iceland, the Group also has business operations in France, Belgium, Spain, South Africa and China and is well-positioned for further expansion.
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