Ossur Management sells shares
The President and CEO of Ossur hf. and certain members of the executive management team have sold most of their shares in the Company, in total 23,441,801 shares representing 5.6% of the total share capital of the Company. Most of the shares were originally acquired on the stock market and financed to some degree with loans. The shares are now sold to settle those debts. Ossur hf. or other shareholders have never provided the management with any loans or guarantees.
The shares were sold to the Danish Investment Company William Dement Invest A/S. William Dement Invest has been Ossur's largest shareholder from the year 2005. With the purchase its share of the total share capital increases from 34.3% to 39.9%.
These changes in ownership do not lead to an obligation to make a takeover bid for the shares of other shareholders, as the newly passed amendments to the takeover rules in the Act on Securities Transactions have not formally taken effect.
No changes are expected to incur in Ossur hf.'s operations, neither in Iceland or elsewhere, following these transactions.
Jón Sigurdsson the President and CEO of Ossur hf.: "We deeply regret having to sell these shares in the Company, but have to accept the fact we do not have the financial strength to hold onto them. Ossur hf. is a sound and financially strong company. The focus has always been equally on growth and profit, a sound strategy, securely positioning the Company financially in todays troubled markets. "