Proposal of the Board of Hf. Eimskipafélag Íslands to change the name of the company The shareholders' meeting of Hf. Eimskipafélag Íslands, held on 8 September, approves the proposal to change the company's name to A1988 hf. Article 1 of the company's Articles of Association is to be amended and will read as follows: “The Company is a Public Limited Liability Company and its name is A1988 hf.” Proposal of the Board of Hf. Eimskipafélag Íslands to approve agreements relating to the company's financial restructuring The shareholders' meeting of Hf. Eimskipafélag Íslands, held on 8 September 2009, confirms the Board's authorisation to assign all the company's assets relating to vessel operation to Eimskip Ísland ehf. and, in so doing, increase the share capital of that company and receive in return shares in Eimskip Ísland ehf. Furthermore, the meeting confirms the Board's authorisation to assign the above shares in Eimskip Ísland ehf., together with all other assets belonging to the company, with the exception of the 51% shareholding in Eimskip Tango ehf., to the company L1003 ehf. in exchange for the delivery of shares in L1003 ehf. Memorandum: The above proposal is put forward as a part of the company's financial restructuring following the approval of the company's composition agreement which was confirmed on 28 August 2009 by the District Court of Reykjavík. Agreements reached in connection with the company's composition bill assume that the company's vessel operations will be transferred to a new company, i.e. L1003 ehf. (which will later receive the name Eimskipafélag Íslands ehf.). According to the composition agreement, creditors will receive shares in L1003 ehf. in payment for their claims on the company. The arrangements discussed here are explained in greater detail in a report to the creditors which was attached to the company's composition agreement. This proposal confirms the Board's authorisation to finalise the agreements set forth in the company's composition agreement.
Proposals of the Board of Hf. Eimskipafélag Íslands for the shareholder´s meeting
| Source: Hf. Eimskipafélag Íslands