LBI’s Financial Statements 2019 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 Thursday 27 February 2020 at 14:00 (GMT) London and 9:00 New York time (EST).
Please note that shareholders of LBI will need to register in advance to participate in the call by sending email to email@example.com at the latest before 18:00 (GMT) London and 13:00 New York time (EST) on Wednesday 26 February 2020.
On 31 January 2020, the Paris Court of Appeal rendered its decision in the context of the prosecution for fraud against Landsbanki Luxembourg S.A. (in liquidation) and some of its former managers, employees and advisers concerning equity release loans granted prior to the 2008 financial crisis.
The Court upheld the judgment of the Paris criminal court of 28 August 2017, therefore acquitting all the accused parties and dismissing all the borrowers' claims for damages.
Under certain conditions, a judicial review of this decision may be filed before the French Court of cassation.
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 2019 and to postpone such payment of principal until the Scheduled payment on 15 June 2020 unless postponed further.
LBI’s has on 24 October 2019 decided to initiate a partial conversion of EUR 89,635,400 of Bonds into new EUR 89,635,400 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”).
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 EUR 896,354, from EUR 11,356,884.04 to EUR 12,253,238.04 nominal value, by issuing 89,635,400 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.
LBI’s Management Accounts for Q3 2019 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 29 October 2019 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 28 October 2019.