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.
In accordance with Art. 19.1 of LBI's ehf. Articles of Association an Extraordinary General Meeting of LBI ehf., reg. no. 540291-2259, will be held at LBI's ehf. registered offices at Ármúli 21, 108 Reykjavík, on 29 July 2022. The meeting will commence at 10 AM.
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 2022 and to postpone such payment of principal until the scheduled Payment Date on 15 December 2022 unless postponed further.
LBI’s Management Accounts for Q1 2022 have been made available on LBI’s website under https://www.lbi.is/financial-info.
LBI will be hosting investor calls going forward when there are material developments to report on. There were no material developments during the quarter ended 31 March 2022 and LBI will therefore not be hosting an investor call at this time.