Landsbankinn utilises authorisation to buy back own shares
Landsbankinn's Board of Directors has decided to exercise an authorisation to purchase the Bank's own shares, which was approved at the Bank's AGM on 21 March this year. The buy-back programme allows for the maximum purchase of 72.5 million shares, or 0.3% of issued shares. Landsbankinn has three times previously offered shareholders the chance to sell their shares in the Bank, most recently in February 2017.
Landsbankinn offers to purchase shares from shareholders during a repurchase period, extending from 10 December 2018 up to and including 20 December 2018.
Shareholders interested in accepting the Bank’s offer must complete a notification form and submit it to the Bank. The notification form is available on the Bank’s website. Notifications will be processed throughout the period in the order in which they are received by the Bank until the maximum (of 72.5 million shares) is reached. If the maximum is reached, the programme will be terminated and no further notifications processed.
In accordance with the AGM's decision, Landsbankinn offers to purchase each share during the repurchase period at a share price equivalent to the proportion of equity belonging to the Bank's shareholders and the Bank's share capital, according to its most recently published results prior to the commencement of the repurchase period.
Based on Landsbankinn's interim results for the nine months of 2018, the equity held by the Bank's shareholders amounts to ISK 235,892 million and outstanding shares number 23,640 shares. In accordance with the above, Landsbankinn offers to purchase each share at a price of ISK 9.9787 during the repurchase period.
Total shares in the Bank number 24,000 million. The Bank’s shareholders are 931. The National Treasury holds 23,567 million shares, or around 98.2% of issued shares. The Bank holds around 360.5 million own shares, or around 1.5% of issued shares. Other shareholders than the National Treasury and the Bank hold around 72.5 million shares, or around 0.3% of issued shares.
Further information and instructions for shareholders interested in accepting the Bank’s offer are available on Landsbankinn’s website, www.landsbankinn.is/endurkaup. Further information is also provided by phone, +354 410 4040.