LBI’s Management Accounts for Q3 2022 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 Friday 2 December 2022 at 14:00 (GMT) London and 9:00 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 13:00 New York time (EDT) on Thursday 1 December 2022.
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 2022 and to postpone such payment of principal until the scheduled Payment Date 15 June 2023 unless postponed further.
LBI’s has on 27 September 2022 decided to initiate a partial conversion of EUR 82,843,563.89 of Bonds into new EUR 82,843,563.89 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 21 October 2022 89,85% of Bondholders have approved a written Extraordinary Resolution with respect to the partial conversion which was posted on LBI´s website on the 30 of September 2022.
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 828,435.64 from EUR 12,841,600.86 to EUR 13,670,036.50 nominal value, by issuing 82,843,563.89 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.
According to Article 6 of the Terms and Conditions of the Bonds a partial conversion of the Bonds into Class A Shares may be effected by the Issuer, provided that the Board of Directors has determined, acting reasonably, that it is reasonably likely that the Issuer will be unable to redeem the Bonds in full on or before the Final Maturity Date.
The aggregated amount by which the Bonds may be redeemed shall not exceed the amount equal to the tax losses available to the Issuer in the financial year in which the Partial Issuer Conversion is proposed to be effected and which will cease to be available after the end of that financial year.
The Board of Directors believes that the conversion is in the best interests of both LBI and the Bondholders, as it is reasonably likely that LBI will be unable to redeem the Bonds in full on or before the Final Maturity Date and due to the fact that post income year 2022 the Issuer may not have sufficient tax losses available to cover later income that LBI will realize from later conversion or cancellation of debt. The Board of Directors therefore would like to propose a Partial Conversion at this point.
LBI’s Management Accounts for Q2 2022 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 Friday 19 August 2022 at 14:00 (GMT), 15:00 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 email@example.com at the latest before 18:00 (GMT), 19:00 London and 14:00 New York time (EDT) on Thursday 18 August 2022.