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 24 March this year. The buyback programme allows for the maximum purchase of 57 million shares, or 0.24% of issued shares. Landsbankinn has previously offered shareholders the chance to sell their shares in the Bank, most recently in November 2021.
Landsbankinn offers to purchase shares from shareholders during a repurchase period, extending from 7 February 2022 up to and including 21 February 2022.
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 57 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 2021, the equity held by the Bank's shareholders amounts to ISK 282,645 million and outstanding shares number 23,621 million shares. In accordance with the above, Landsbankinn offers to purchase each share at a price of ISK 11.9658 during the repurchase period.
Total shares in the Bank number 24,000 million. The Bank’s shareholders are 855. 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 1.58% of issued shares. Other shareholders than the National Treasury and the Bank hold around 54 million shares, or around 0.22% 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, and by email to vl@landsbankinn.is.
