Pursuant to 9.1 (d) of the Conditions LBI hereby confirms, as the Euro Equivalent Available Cash, as determined on a Determination Date in respect of a Payment Date, is lower than the Distribution Threshold, LBI has decided not to make a payment of principal to the Bondholders on 15 December 2021 and to postpone such payment of principal until the scheduled Payment Date 15 June 2022 unless postponed further.
On 17 November 2021, the French Cour de cassation rendered its decision in the context of the criminal proceedings initiated against Landsbanki Luxembourg S.A. and others before the French courts.
The prosecutor general and several borrowers had indeed challenged the Paris Court of Appeal decision of 31 January 2020, which acquitted all accused parties and dismissed the borrowers' claims for damages.
In its decision of 17 November 2021, the Cour de cassation considered these challenges to be inadmissible, thereby upholding the 31 January 2020 decision.
LBI’s Management Accounts for Q3 2021 and investor call presentation have been made available on LBI’s website under https://www.lbi.is/financial-info.
LBI will host an investor call to present and discuss the results on Tuesday 2 November 2021 at 14:00 (GMT) London and 10:00 New York time (EDT).
Please note that shareholders of LBI will need to register in advance to participate in the call by sending email to firstname.lastname@example.org at the latest before 18:00 (GMT) London and 14:00 New York time (EDT) on Monday 1 November 2021.
LBI’s has on 14 September 2021 decided to initiate a partial conversion of EUR 58,310,358 of Bonds into new EUR 58,310,358 Class A Shares (equity) each of nominal value EUR 0.01 (the “Conversion”) according to authorization provided in Art. 6.2. and Art. 29 of the Company’s Articles of Association, and Art. 6.1.(a) of the Terms and Conditions of the Bonds (the “Conditions”). In addition, on the 8 October 2021 84,1% of Bondholders have approved a written Extraordinary Resolution with respect to the partial conversion which was posted on LBI´s website on the 16 of September 2021.
Further to the above, the Board of Directors of the Issuer will, with reference to Article 6.2 of the Articles of Association and Condition 6.1(a) of the Conditions, increase the Issuer’s share capital by 583,103.58 from EUR 12,258,497.28 to EUR 12,841,600.86 nominal value, by issuing 58,310,358 new Class A Shares each of a nominal value of EUR 0.01. The Conversion rate of the new shares shall be EUR 0.01 per share.
THE SUPREME COURT OF ICELAND HAS REJECTED LBI’S REQUEST FOR AN APPEAL ON THE APPELLATE COURT LANDSRÉTTUR´S DECISION IN THE GRETTIR CASE
On 15 September 2021, the Supreme Court of Iceland announced that it had rejected LBI's request for an appeal on the appellate court Landsréttur’s decision in the Grettir case. At the same time, the Supreme Court also announced that it had rejected a request for appeal from one of the defendants, Sigurjón Árnason (SÞÁ) former CEO of Landsbanki Íslands hf.
The Supreme Court’s reasoning for its decision is short. It simply states that the requirements for an appeal have not been met. The Supreme Court states that a judgement in the case would not be of value as a precedent in addition to existing court decisions. It further states that it cannot be seen that the decision of Landsréttur is obviously wrong on merits or in form.