The Shareholders meeting approved the Board's proposition regarding an authorization to take on credit up to the amount of ISK 5.0 billion with special conditions providing the creditor a right to convert his claim to shares in the company in accordance with chapter VI of the Act respecting public limited companies no. 2/1995. The exchange rate shall be the weighed average sales price of shares in Icelandic Group hf. as listed in the Iceland Stock Exchange during the period January 11th to January 15th 2007, calculated by company's auditors.
The Board of Directors is authorized to increase the share capital by up to the nominal amount of ISK 1.100.000.000 to fulfill the above mentioned obligation. The shareholders' priority right shall not apply to the increase according to this authorization. The new shares shall grant rights in the company from the registration date of the increase.
