Eimskip has decided to withdraw its guidance for 2020 due to uncertainty surrounding the COVID-19 pandemic. The increasing negative impact on global economies, including in the North-Atlantic Region which is the Company’s core market area, is likely to affect sales and profitability in coming weeks and months. Considering the rapid day-to-day changes, the Company is currently unable to assess the length of the period or the level of the impact.
Enclosed is the final agenda and proposals from the Board of Directors for the 2020 Annual General Meeting. Eimskipafélag Íslands hf.'s Annual General Meeting will be held on.
Given the current situation across financial markets, both in Iceland and the world, the conditions for exemption in Article 100.5 of the Icelandic Act on Securities Transactions are fulfilled. The Financial Supervisory Authority believes, given the circumstances of this case, that this decision guarantees the interests and protection for minority shareholders.
In a court hearing today in the civil case that was filed against the Icelandic Competition Authority last November the company stated that it would dismiss the civil action. The case will be concluded in the coming days with a verdict from Reykjavik District Court where a conclusion will also be made on litigation costs. The Court of Appeal stipulated in its ruling from last 30 January that the company can base its pleadings on all the same arguments as presented in this case at a later stage in the ongoing administrative proceedings.
Mainly attributed to decreased volume in liner services. Total CAPEX for the period amounted to EUR 4.9 million compared to EUR 8.3 million for the same period 2019 but maintenance CAPEX remained at similar level. Third of planned maintenance CAPEX for the year put on hold due to COVID-19 uncertainty.
The performance in the first quarter of this year was somewhat mixed as previously announced when the Company’s EBITDA guidance for 2020 was withdrawn. On the other hand, export volume from Iceland and the Faroe Islands was considerably below expectations which can be explained by low catch and less export of fresh salmon due to capacity reduction in airfreight solutions due to COVID-19 outbreak in China. Reefer forwarding held relatively well although affected by some challenges in access to equipment, capacity reduction with deep-sea carriers and cargo congestion in Chinese terminals during the quarter due to COVID-19.
Enclosed is information on candidates to the Board of Directors of Eimskipafélag Íslands hf. According to the Company's Articles of Association the Annual General Meeting elects five members and two alternate members for the Board of Directors and therefore the candidates will be elected to the Board of Directors without ballot at the meeting.
The following Eaton Vance closed-end funds (the "Funds") announced distributions today as detailed below.
Streamlining measures will be made within Eimskip today. For the past fifteen months the Company has taken many steps on its journey to streamline and integrate its operations, and a part of the measures taken today are linked to that journey. Direct redundancies are 54, thereof 39 in Iceland.
Eimskip invites investors and market participants to a meeting where Vilhelm Thorsteinsson, CEO, will present the first quarter results. The meeting will be held on Wednesday 20 May 2020 at 8:30 GMT and will due to ban on gatherings be webcasted live in Icelandic on www.eimskip.com/investors.
Eaton Vance Municipal Bond Fund (NYSE American: EIM) (the "Fund") announced today that it will conduct a tender offer for up to 5% of its outstanding common shares at a price per share equal to 98% of the Fund's net asset value ("NAV") per share as of the close of regular trading on the New York Stock Exchange (NYSE) on the date the tender offer expires. On January 21, 2020, the Fund announced that it would conduct the tender offer if, during a 120-day period that commenced on January 22, 2020 and ended on May 20, 2020, the Fund's common shares trade at an average discount to NAV of more than 6% (based upon the average of the difference between its volume-weighted average market price and NAV each business day during the period). This condition was met. The Fund will commence the tender offer on or about June 25, 2020.
Samherji Holding ehf., a company affiliated with Samherji, has submitted a notice to the Central Bank of Iceland's Financial Supervisory Authority, requesting an exemption from mandatory bid obligation after the company exceeded the 30% threshold in ownership in Eimskip. On the 10th of March, it was announced that Samherji Holding had increased its stake in Eimskip by 3.05% and controlled a 30.11% stake in the company after the acquisition.
Enclosed are the results of the Annual General Meeting of Eimskipafélag Íslands hf. held today, Thursday 26 March 2020, and updated Articles of Association of the Company..
Attached is an announcement regarding changes in company‘s own shares from Eimskipafélag Íslands hf. Attachment Tilkynning um viðskipti.
In light of the economic uncertainty in Iceland and the world due to COVID-19 and to ensure that the company maintains its financial strength, the Board has decided to withdraw proposals under items 5 (to reduce share capital in relation to the share-buy back program) and item 6 (to reduce the share capital of the Company) from the agenda with the result that these items will not be tabled to the annual general meeting. The Board will table these proposals to a separate shareholders meeting at a later stage, when the current uncertainty is over. The deadline to have proposals put on the AGM agenda passed at 16:00 yesterday.
Eimskip‘s Annual General Meeting will be held Thursday 26 March on 16:00 GMT. The Icelandic government has enforced stricter measures in Iceland to halt the spread of Covid-19 infections, following a swift diagnosis of such cases. The measures are based on recommendations from the Chief Epidemiologist to Iceland’s Minister of Health, i.a.
Eimskipafélag Íslands hf. has received a notification from Íslandsbanka hf., which acts as a market maker for the Company‘ shares. The market maker will make ask bid offers but.
Eimskip will in early April temporarily adjust the Company’s container sailing system. The adjustments are part of Eimskip’s operational measures to respond to effects of the COVID-19 pandemic. The adjusted sailing system will provide similar service level from key ports with the shortest transit time available from continental Europe, Scandinavia and UK to Iceland and Faroe Islands.
Attached is a major shareholder announcement from Eimskipafélag Íslands hf. on behalf of Samherji Holding ehf. Attachment Samherji Holding ehf..
Eimskip has published its Annual Report for the year 2019. The report is accessible here