News


24.09.2020

Notice from LBI ehf. regarding its EUR 2,041,382,201 convertible bonds due 2035 (the “Bonds”)

This notice is important and requires the attention of all holders of the Bonds (the “Bondholders”).  If Bondholders are in any doubt as to the action they should take, they should consult with their own independent professional advisors. 

As announced on 28 December 2015, the composition agreement of LBI ehf. (“LBI” or the “Company”), which was confirmed by the District Court of Reykjavik on 18 December 2015, became final and binding under Icelandic law on that date (the “Composition”). 

As part of the Composition, it was agreed (amongst other things) that LBI would release the winding-up board of LBI (the “Winding-up Board”) and certain other officers, employees and advisors of LBI (together with the Winding-up Board, the “Released Persons”) from any personal liability in relation to the Composition and related matters.  It was also agreed that LBI would indemnify the Released Persons in relation to certain potential liabilities. That indemnity was secured by an indemnity fund in an account maintained by Wilmington Trust (London) Limited as security for LBI’s obligations under the indemnity (the “Indemnity Arrangements”). 

LBI and the Winding-up Board have now agreed to terminate the Indemnity Arrangements.  As part of the termination of the Indemnity Arraignments (amongst other things): (i) a refreshed release would be provided by LBI in favour of the Released Persons releasing them from any liability arising from the Composition and related matters (the “New Release”); and (ii) a new, more limited, indemnity would be provided by LBI in favour of certain of the Released Persons (the “New Indemnity”), which indemnity will automatically lapse and cease to have any effect if Bondholders holding (as at any given time) at least two thirds in nominal value of the total amount of outstanding Bonds execute deeds of adherence to provide a release on the terms of the New Release.  Since it is in LBI’s interests for the New Indemnity to come to an end, LBI is now requesting that each Bondholder executes a deed of adherence to the New Release and a release fee letter in return for a release fee in proportion to each Bondholder’s holding of Bonds.  A full version of this announcement can be found here

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16.07.2020

LBI'S MANAGEMENT ACCOUNTS FOR Q2 2020

LBI’s Management Accounts for Q2 2020 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 Monday 20 July 2020 at 14:00 (GMT), 15:00 London (BST) and 10:00 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 ir@lbi.is at the latest before 12:00 (GMT), 13:00 London (BST) and 08:00 New York time (EST) on Monday 20 July 2020.

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19.05.2020

SCHEDULED PAYMENT ON 15 JUNE 2020

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 June 2020 and to postpone such payment of principal until the scheduled Payment Date on 15 December 2020 unless postponed further.

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30.04.2020

LBI'S MANAGEMENT ACCOUNTS FOR Q1 2020

LBI’s Management Accounts for Q1 2020 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 Wednesday 6 May 2020 at 14:00 (GMT), 15:00 London (BST) and 10:00 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 ir@lbi.is at the latest before 18:00 (GMT), 19:00 London (BST) and 14:00 New York time (EST) on Tuesday 5 May 2020.

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15.04.2020

ANNUAL GENERAL MEETING OF LBI EHF. - 30 APRIL 2020

In accordance with Art. 17.1 of LBI's ehf. Articles of Association the Annual General Meeting of LBI ehf., reg. no. 540291-2259, will be held at LBI's ehf. registered offices at Ármúli 21, 108 Reykjavík, on 30 April 2020. The meeting will commence at 10 AM.

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