Bondholders meeting to be summoned in relation to the sale of Iceland Seafood UK

The completion of the sale means that Iceland Seafood needs a consent from the bondholders of bonds in the series ICESEA 25 06, ISIN: IS0000033199, in the amount of ISK 3,400,000,000 (the “Bonds”), for an amendment or a waiver, as applicable, of one of the financial covenants under the Bonds. The consent is needed due to condition 9.3 of the terms and conditions for the Bonds, since the sale of Iceland Seafood UK Ltd means that assets representing more than 5% of total group turnover are being sold. Iceland Seafood is reviewing its options in this regard and intends to summon to a bondholders’ meeting in the coming weeks to propose amendments or waivers, as applicable, for the relevant provision under the terms and conditions of the Bonds. The summoning of the bondholders’ meeting will be announced in a separate press release in due course, containing further information.

Iceland Seafood has engaged Kvika Bank as its financial advisor in relation to this matter.