The biggest shareholders of PLAY (Iceland) have agreed to subscribe to 575m new shares for a total value of ISK2.59bn (€17.36m), contingent on additional investors providing at least ISK1.41bn (€9.5m).
PLAY intends to secure further commitments by engaging with both current and new investors, aiming to raise capital through a capital increase.
The airline plans to seek shareholder approval for the capital increase at an annual general meeting scheduled for March 21, 2024, with a condition that the total capital raised must reach at least ISK4bn.
While the identity of the shareholders who tentatively subscribed to the new shares was not disclosed, the initial offer was exclusively extended to shareholders with securities totaling at least EUR100,000. PLAY, mostly owned by various funds and financial institutions in Iceland, is set to outline the specifics of the capital increase program and its uplisting to the Nasdaq Main Market by the end of February 2024.
