Blue Lagoon chairman has no plans to sell his stake

Blue Lagoon chairman, founder and largest shareholder Grímur Sæmundsen has no plans to sell his stake as the company prepares to list on the stock market, mbl.is reported.

Sæmundsen said selling would be unwise given the value he expects the company to create in the coming years. He made the comments after a presentation about the share offering at Harpa on Tuesday.

The company has not imposed temporary restrictions on share sales by its largest shareholders. Sæmundsen said there was no reason to do so, noting that the shareholder group had supported the company through the pandemic and repeated operating disruptions caused by volcanic activity.

Blue Lagoon has not had a normal operating year for six years, he said, but its shareholder group remains unchanged. With prospects improving, he sees no reason to expect shareholders to sell their shares now.

Kólfur ehf., owned by Sæmundsen and his wife, is currently the largest shareholder, with a 24.9 per cent stake. After planned changes to the share capital linked to the company’s acquisition of Arctic Adventures and the share offering, Kólfur is expected to remain the largest shareholder, with about 19.4 per cent.

The offering, which opened on Tuesday, includes up to 150 million new shares. It closes at 4pm on Friday, and the company aims to have its shares admitted to trading on the main market of Nasdaq Iceland on November 20.

Sæmundsen said the company had weathered major challenges in recent years and was looking ahead with confidence. “The balance sheet is strong and the future is bright,” he said.