New board at FL Group? Skip to content

New board at FL Group?

According to a press release on the FL Group website, the group has nominated a new slate of directors to be put forward at the upcoming extraordinary shareholder meeting on July 9th. Last week, all directors except Hannes Smárason, the chairman, announced plans to resign from the board. TV-station Stöð 2 said the directors had been concerned with the “reckless management practices” of the chairman, but he denied any reports of disagreement within the outgoing board of directors. (see Daily News, July 2, One man show at FL Group?)

The next day, FL Group purchased an additional 0,53 per cent stake in budget airline easyJet. The company now owns 11.5 per cent of easyJet and is in discussions with easyJet’s main shareholder concerning a closer partnership.

According to daily Morgunblaðið, Hannes Smárason, chairman of FL Group said that the new shareholders planned to participate in the continued development and international expansion of the company.

“We have achieved great results working together as a team,” he said, “the share price has risen 93.4 per cent in a year,” and “certain shareholders are realizing gains and turning to other projects, a new group is joining the company to participate in its further development and growth.”

The nominees for the new board are: Einar Ólafsson, Jón Ásgeir Jóhannesson, Skarphéðinn Berg Steinarsson, Magnús Ármann, Sigurður Bollason and Þorsteinn M. Jónsson. Kevin Stanford and Smári S. Sigurðsson are nominated as alternate members.

On another note, the Icelandic stock exchange (ICEX) announced yesterday that FL Group was one of two companies selected to the ICEX-15 Index to fail to meet the ICEX requirement of publishing 90 per cent of news announcements in English. Failure to publish news in English for the next index period (July – December) will make them ineligible for the ICEX-15. Morgunblaðið reports that for the last index period, January-June, FL Group published 80 per cent of its news in English.

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