Landsbankinn hf. announced today that it will issue EUR 500 million of senior unsecured bonds under its EMTN program. The bonds will be listed on the Irish Stock Exchange on 15th September.

MEETING INVITATION

The Board of Directors of LBI ehf., reg. no. 540291-2259, hereby gives notice that an extraordinary general meeting of LBI ehf. will be held at Hilton Reykjavik Nordica at Sudurlandsbraut 2 in Reykjavík on 16 September 2016. The meeting will start at 10 am.

LBI has made its Management Accounts for Q2 2016 available under Financial Information (here).

LBI will host an investor call at 12:00 GMT tomorrow, the 26th of August, where LBI’s management will go through the highlights of the results, summarised in a presentation which is available on the website under Financial Information (here).

In line with changes in the operational status of LBI, all historical and future financial information published by LBI will be available on its public website, www.lbi.is. The website will also become the Bondholder Website as defined in the composition documents and the terms and conditions for the EUR 2,041,382,201 Convertible Note due 2035. Future notices regarding the Convertible Note, including payment notifications, will be published on the public website, www.lbi.is.

Financial information for Q2 2016 will be released on this website at the close of business Icelandic local time on August 25th, 2016. In line with EUR adopted as LBI´s operational currency, the financial statements are presented in EUR.

The presentation assessable here, shows the financial information for Q1 2016 as presented at the annual general meeting of LBI ehf held on the 14th of April 2016. (Please note that this presentation has been available on the closed bondholder website since April.)
Financial information for Q2 2016 will be available before the end of August 2016. (This is line with the terms and conditions of LBI issued bond, as financial information should be available within 60 days of the relevant accounting period.)

Pursuant to Condition 9.1(c) of the Terms and Conditions of the Bonds, and in furtherance of the Payment Notice by the Issuer on June 20th, 2016, LBI ehf. hereby notifies the Bondholders of the final amount of the Euro Equivalent Available Cash Payment of €43,555,738

Terms defined in this notice shall be constructed in accordance with the conditions set out in the Schedule 1 to the Trust Deed, dated March 23rd, 2016 and made between the Issuer, the Trustee and the U.S. Trustee (the “Conditions“).

The Central Bank of Iceland offers to purchase krónur in exchange for cash payment in foreign currency. More specifically, the Bank is offering to buy krónur defined as offshore krónur according to Act no. 37/2016. The auction will take place on Thursday 16 June 2016. It will begin at 10:00 hrs. and last until 14:00 hrs. that same day.

 The expected conversion rates for beneficial owners of the Deutsche Bank Trust Company America notes is shown in the table below. The table indicates the expected units of EUR of a new bond issued by LBI ehf and the expected ISK units of new share shares in LBI ehf each beneficial owner will receive in exchange for 1000 nominal units of the relevant ISIN / CUSIP held by DBTCA as trustee:

The Annual General Meeting of LBI ehf., kt. 540291-2259, is hereby convened to be held at Hilton Reykjavík Nordica, Suðurlandsbraut 2, Reykjavik, Thursday 14 April 2016 and will start at 10:00 am.

The issuance of Bonds and delivery of Shares (together the “Securities”) in accordance with the composition agreement (the “Composition Agreement”) of LBI ehf. (the “Company”) took place today, 23 March 2016. The aggregate amount of the Bonds issued was EUR 2,041,382,201 and the entitlement of each creditor is determined by the Composition Agreement.

The Moratorium on claim transfers put in place on 2 February 2016 has been lifted.

At a shareholders‘ meeting of LBI ehf. (the “Company”), which the Winding-up Board held today, 19 February 2016, in accordance with the composition agreement of the Company (the “Composition Agreement”) and based on the statutory authority of the Winding-up Board pursuant to the second sentence of paragraph 4 of Article 101 of the Act on Financial Undertakings No. 161/2002, c.f. paragraph 3 of Article 103 a of the same Act, new articles of association (the “Articles”) were adopted by the Company.

Yesterday, February 16, 2016, the Winding-up Board of LBI hf. filed a motion in the United States Bankruptcy Court, Southern District of New York, for an order recognizing and enforcing the order of the District Court of Reykjavik confirming the company´s composition agreement, and granting related relief. A copy of the notice is available here. 

In relation to preparation of the issuance of the Bonds and the Shares (together the “Securities”) as a part of the fulfilment of the Composition Agreement of LBI, creditors entitled to receive Securities in accordance with the conditions of the Composition Agreement have been instructed to provide certain information and documents.

In accordance with the Composition Agreement for LBI, which became binding upon the end of the time limit to appeal according to Article 59 of the Act on Bankruptcy etc. No. 21/1991 on 25 December 2015, LBI has now executed the de minimis payments to its creditors.

In a letter from the Central Bank of Iceland, dated 11 January 2016, LBI hf. was granted exemptions from the capital controls pursuant to the Act No 87/1992 on Foreign Currency with respect to the settlement towards creditors based on the company´s Composition Agreement. The letter also stated that the creditors of LBI hf. had been granted certain exemptions in relation to payments received pursuant to the Composition Agreement.

In preparation for De Minimis Payments, the Winding-up Board of LBI hf. (the “WuB”) will set a claim transfer moratorium beginning on February 2, 2016.  The LBI hf. Transfer Register will not be updated for any claim transfer that has not received a Notice of Successful Transfer (an “NOST”) by February 2, 2016.

The Composition Agreement for LBI hf. became binding upon the end of the time limit to appeal according to Article 59 of the Act on Bankruptcy etc. No. 21/1991 on 25 December 2015.