Landsbankinn's Board of Directors has decided to exercise an authorization to purchase the Bank's own shares, which was approved at the Bank's AGM on 23 March 2023. The buyback program allows for the maximum purchase of 54 million shares, or 0.23% of issued shares.
Landsbankinn has previously offered shareholders the chance to sell their shares in the Bank, most recently in February 2022.
Landsbankinn offers to purchase shares from shareholders during a repurchase period, extending from and including 19 February 2024 up to and including 4 March 2024.
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 54 million shares) is reached. If the maximum is reached during the repurchase period no further notifications will be 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 financial statements prior to the commencement of the repurchase period.
Based on Landsbankinn's results for 2023, equity held by the Bank's shareholders amounts to ISK 303.754 million, and outstanding shares number 23.621 million. In accordance with the above, Landsbankinn offers to purchase each share at a price of ISK 12,8595 during the repurchase period.
Total shares in the Bank number 24,000 million. The Bank’s shareholders are 849. The National Treasury holds 23.567 million shares, or around 98.2% of issued shares. The Bank holds around 379 million own shares or around 1.6% of issued shares. Shareholders other than the National Treasury and the Bank hold around 54 million shares, or around 0.23% of issued shares.
Further information and instructions for shareholders interested in accepting the Bank’s offer are available on Landsbankinn’s website, landsbankinn.is/endurkaup.
Further information is also provided by phone, +354 410 4040, and by email to vl@landsbankinn.is.
