LBI’s share capital converted to EUR

The shareholders of LBI ehf unanimously accepted amendments to the Articles of Association in an extraordinary general meeting this morning, September 16, 2016. There were principally two changes made to the Articles of Association.

The first amendment concerns the shortening of summoning notice required for extraordinary general meetings from two down to one week.

The second change concerns conversions of the share capital of LBI ehf from being nominated in Icelandic Krona (ISK) to being nominated in Euro (EUR). The share capital of LBI has thus changed from being ISK 1,600,000,000 to now being EUR 11,338,671.96. Each shareholder has therefore been assigned an equivalent amount of shares as before, but now denominated in EUR. The exchange rate applied to convert the share capital is EURISK 141.11 which is the rate used when the Convertible Notes were issued on March 23, 2016. 

Minutes from the meeting are available here.

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