News

20.01.2006

Avion Group listed on ICEX

Iceland Stock Exchange (ICEX) and Avion Group hf. a leading global transportation solutions group, announce the listing of the shares of Avion Group today on the ICEX Main List. Trading will be under the ticker symbol: AVION.

Avion Group’s activities are organised into three business divisions: Aviation Services, Charter & Leisure and Shipping & Logistics, with 4,500 employees working at locations throughout the world. The Company, which is headquartered in Iceland, was recently ranked the second fastest growing business in the top 500 European companies ‘Europe’s 500’  for job creation.

The market capitalisation of Avion Group at a share price of ISK 38.3 is ISK 68.7 billion. The Offering of 261,096,605 new shares in Avion to institutional investors at a share price of ISK 38.3 raised ISK 10 billion, and was 16 times oversubscribed. The total number of Avion Group shares in issue is 1,793,599,135 and which is the largest new listing by capitalisation on ICEX ever.

As of 30 September 2005, the Company’s total assets amounted to USD 1,580 million with total  equity of USD 459 million. Pro-forma revenue from operations for the 12 months ended 31 October 2005 amounted to USD 1,830 million.

The Avion Group Prospectus can be obtained from the ICEX News System under http://news.icex.is and at Avion Group’s website http://www.aviongroup.com. Landsbanki Islands hf. acted as Manager to the Offering and listing of the shares on ICEX.

Commenting on the flotation, Executive Chairman Magnus Thorsteinsson said:

“Institutional demand for the shares has been significant, showing that investors are confident in Avion’s strategy and vision and are willing to participate in its future. We are delighted that trading has commenced in Avion’s shares on ICEX.”

Mr Thordur Fridjonsson, CEO and President of ICEX said:

“We sincerely welcome Avion Group to Iceland Stock Exchange. In recent years Avion Group has been very successful in offering diverse transportation solutions worldwide. The company is indeed a pleasant addition to the Icelandic market and we wish it all the best.”