Icelandic Considers Delisting Shares
Icelandic Group's board of directors will consider delisting the company's shares from Nasdaq OMX Nordic Exchange in Iceland at its April 18 annual meeting, the company announced in a press release on Friday.
Also at the annual meeting, Icelandic's board will submit a motion to shareholders to authorize the company to take out a four-year loan of up to â?¬41 million ($64.5 million).
Glitnir, Iceland's third largest bank, said last week that the move "indicates that the Icelandic Group is now fighting for survival; the company's performance has been unacceptable recently and its debts are high."
The news comes three days after Adalsteinn Helgason resigned from Icelandic's board and was replaced by Pall Magnusson, managing director of Sund.
Icelandic operates Icelandic USA of Newport News, Va., which ranked thirteenth on SeaFood Business' 2007 Top 25 North American seafood suppliers list, with 2006 sales of $452 million. In January, Icelandic USA unloaded Ocean to Ocean Seafood of Virginia Beach, Va., to Singleton Fisheries of Tampa, Fla., "the final step" in the merger between Icelandic USA and Iceland's Samband, which began in 2005.