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Tryggingamiðstöðin completes share capital offering

Tryggingamiðstöðin hf. completed a share capital offering of 93,750,000 new shares, amounting to aggregate proceeds of 3 billion Icelandic kronur.

Investors subscribed for a total of 178,145,043 new shares through a pre-emptive rights offering, exceeding the total number of shares that may be allocated to pre-emptive rights holders. Tryggingamiðstöðin intends to inform investors about their respective allocations Dec. 13.

General investors, which subscribed for a total of 45,657,584 new shares through the public offering portion of the exercise, will not be allocated any shares.

The company intends to use the proceeds from the offering to finance a part of the purchase price for its acquisition of Lykill fjármögnun hf. The new shares are expected to commence trading on the Nasdaq Iceland Main Market on Dec. 18.

As of Dec. 12, US$1 was equivalent to 122.95 Icelandic kronur.