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31.01.2019

LBI settles its dispute with KAS BanK

On 22 January 2019, LBI settled its dispute with Kas Bank related to the closeout calculations of a GMSLA agreement which had been referred to the District Court of Reykjavik. The reported estimated recovery of LBI‘s net claims against KAS Bank at end of Q3 2018 was EUR 927.4 thousandsResulting from this settlement, LBI will receive EUR 1.7 million in proceed from the sale of certain securities and shares in a listed UK company with a market value of around EUR 450 thousand. 

As a part of the settlement, KAS Bank has withdrawn its lodged Art. 113 claims against LBI with the effect that amounts allocated on escrow towards this disputed claim will be reversed to LBI.   The reversals from escrow consist of EUR 910 thousand in cash (from redemption payments and DMP) and EUR 382 thousand of outstanding Convertible Notes.

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