Consolidated Interim Financial Statements Q3 2016
The Board of Glitnir HoldCo ehf. has published the Consolidated Interim Financial Statements for 1 January to 30 September 2016, as well as a Covering Report, on the secure website of Glitnir.
The Board of Glitnir HoldCo ehf. has published the Consolidated Interim Financial Statements for 1 January to 30 September 2016, as well as a Covering Report, on the secure website of Glitnir.
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 429,462,724)
Amortising Zero-Coupon Convertible Notes due 2030 (the “Notes”)
This notice is made to holders of the Notes (hereafter, the “Noteholders”) by way of information and is published in accordance with Condition 21 of the Terms and Conditions of the Notes (the “Conditions”).
Capitalised terms used but not defined in this notice shall have the meanings given to them in the Conditions.
The Issuer effected an optional redemption of the Notes in part on 27 October 2016 in accordance with Condition 6.3(A)(ii). The aggregate principal amount of each Noteholder’s interest in the Notes was reduced accordingly as a result of such redemption. Noteholders who wish to confirm the principal amount outstanding in respect of their holding of Notes can do so through the secured website.
Reykjavík, 27 October 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer
Further to the announcements on 5 and 18 October 2016, Glitnir confirms that the final amount, which will be used to redeem the Notes, by payment in cash, is EUR 64,861,181. The aggregate principal amount of the Notes will be EUR 429,462,724 immediately following the payment on 27 October 2016. In addition to the EUR amount of 28,600,000 the following amounts were converted into EUR on the Currency Conversion Date on 21 October 2016:
USD 2,589,000
NOK 298,934,000
and GBP 443,000
The amount for distribution from the conversion on the Currency Conversion Date is EUR 36,261,181.
The amounts converted into EUR on the Currency Conversion Date, and forms part of the Euro Equivalent Redemption Funds, derive from realisations of the following assets:
Loans to customers: EUR 14,000,000, GBP 443,000 and NOK 10,434,000
Equity: EUR 12,550,000, USD 2,589,000 and NOK 288,500,000
Other sources is reduced hold back of operating expenses reserve.
Reykjavik, 25 October 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer
According to the terms of the Zero-Coupon Convertible Notes of Glitnir HoldCo ehf. issued on 8 January 2016, Clause 12.1 (C) of the Terms and Conditions of the note states that Glitnir shall provide:
"as soon as it becomes available, but in any event within 120 days of the end of each of its financial half-years, a summary asset monetisation plan by reference to each different category of assets and the currency in which is denominated, which shall include estimated future realizations for each category of assets."
Glitnir has now published a monetisation plan for the second half of 2016, for the year 2017 and the year 2018 on the secure website of Glitnir.
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 494,323,905)
Amortising Zero-Coupon Convertible Notes due 2030 (the “Notes”)
Further to the announcement on 5 October 2016, the Issuer hereby announces that the amount will be increased by EUR 58,354,000.
The increased amount derives from realizations of the following assets:
Loans to customers: EUR 14,000,000
Equity investments: NOK 288,500,000 and EUR 12,550,000
The estimated amount which will be used to redeem the Notes on 27 October 2016 is EUR 64,354,000. The following amounts will be converted into EUR on the Currency Conversion Date on 21 October 2016:
USD 2,589,000
GBP 443,000
NOK 298,934,000
Amounts that form part of the Euro Equivalent Redemption Funds, derive from realisations of the following assets:
Loans to customers:
EUR 14,000,000, GBP 443,000 and NOK 10,434,000
Equity investments:
USD 2,589,000, EUR 12,550,000 and NOK 288,500,000
The Issuer will provide a further notification on 25 October 2016 (the Optional Cash Redemption Second Notification Date) which will disclose the final amount of Euro Equivalent Available Optional Redemption Funds and other information required under Condition 6.3(C).
Reykjavik, 18 October 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer
Due to the Optional Redemption Date on 27 October 2016 Noteholders are hereby informed that they may not require transfers from 12 October 2016 until, and including, 27 October 2016. This halt of transfers is necessary for the Company to be able to make payments to registered Noteholders on the Optional Redemption Date. This halt of transfers is in accordance with Condition 4.1 (b) of the terms and conditions of the Amortising Zero-Coupon Convertible Notes of Glitnir HoldCo ehf. (the “Conditions”).
Further information about the Optional Redemption can be found here.
Capitalised terms used but not defined in this notice shall have the meanings given to them in the Conditions.
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 Amortising Zero-Coupon (Remaining balance EUR 494,323,905)
Convertible Notes due 2030 (the “Notes”)
Optional Cash Redemption Notice
This notice is made to holders of the Notes (hereafter, the “Noteholders”) pursuant to Condition 6.3 of the Terms and Conditions of the Notes (the “Conditions”) and is published in accordance with Condition 21.
Capitalised terms used but not defined in this notice shall have the meanings given to them in the Conditions.
The Issuer hereby notifies the Noteholders that it will effect an optional redemption by redeeming the Notes (in part) in cash on 27 October 2016. The Issuer is providing the following information pursuant to Condition 6.3(B) in connection with such redemption:
(i) The Currency Conversion Date is 21 October 2016.
(ii) The estimated Euro Equivalent Redemption Funds (EERF) to be distributed is EUR 6,000,000.
The breakdown by currency of the amounts included in the calculation of such estimate are as follows:
EUR 2,050,000,
GBP 443,000
USD 2,589,000 and
NOK 10,434,000
(iii) The Euro Equivalent Redemption Funds will derive from realizations of the following assets:
Loans to customers: GBP 443,000 and NOK 10,434,000 of the EERF
Equity: USD 2,589,000 of the EERF
Other sources of the EERF of EUR 2,050,000 is reduced hold back of assets support fund and operating expenses reserve.
The Issuer will provide a further notification on 25 October 2016 (which will be the Optional Cash Redemption Second Notification Date). This will confirm the final amount of Euro Equivalent Available Optional Redemption Funds which will be used to redeem the Notes in cash, the aggregate principal amount of the Notes that will be outstanding immediately following the Optional Redemption Date of 27 October 2016 and the other information required under Condition 6.3(C).
Reykjavík, 5 October 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 494,323,905)
Amortising Zero-Coupon
Convertible Notes due 2030 (the “Notes”)
This notice is made to holders of the Notes (hereafter, the “Noteholders”) by way of information and is published in accordance with Condition 21 of the Terms and Conditions of the Notes (the “Conditions”).
Capitalised terms used but not defined in this notice shall have the meanings given to them in the Conditions.
The Issuer effected an optional redemption of the Notes in part on 22 September 2016 in accordance with Condition 6.3(A)(ii). The aggregate principal amount of each Noteholder’s interest in the Notes was reduced accordingly as a result of such redemption. Noteholders who wish to confirm the principal amount outstanding in respect of their holding of Notes can do so through the secured website.
Reykjavík, 22 September 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer
Further to the announcements on 27 August and 9 September 2016, Glitnir confirms that the final amount, which will be used to redeem the Notes, by payment in cash, is EUR 375,994,114. The aggregate principal amount of the Notes will be EUR 494,323,905 immediately following the payment on 22 September 2016. In addition to the EUR amount of 373,967,000 the following amounts were converted into EUR on the Currency Conversion Date on 16 September 2016:
USD 1,150,000
NOK 9,300,000
The amount for distribution from the conversion on the Currency Conversion Date is EUR 2,027,114.
The amounts converted into EUR on the Currency Conversion Date, and forms part of the Euro Equivalent Redemption Funds, derive from realisations of the following assets:
Loans to customers: EUR 476,000, USD 610,000 and NOK 9,300,000
Íslandsbanki Tier 2 note and Deposit issued by Íslandsbanki and held by Glitnir: EUR 369,000,000
Equity: EUR 50,000
Other assets: EUR 106,000
Other sources is reduced hold back of assets support fund and operating expenses reserve.
Reykjavik, 20 September 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 Amortising Zero-Coupon (Remaining balance EUR 870,318,019)
Convertible Notes due 2030 (the “Notes”)
Optional Cash Redemption Notice
This notice is made to holders of the Notes (hereafter, the “Noteholders”) pursuant to Condition 6.3 of the Terms and Conditions of the Notes (the “Conditions”) and is published in accordance with Article 21 of the Conditions.
Capitalised terms used but not defined in this notice shall have the meanings given to them in the Conditions.
The Issuer hereby notifies the Noteholders that it will effect an optional redemption by redeeming the Notes (in part) in cash on 22 September 2016. The Issuer is providing the following information pursuant to Condition 6.3(B) of the Conditions in connection with such redemption:
i. Agreement reached with Íslandsbanki: On 31 August 2016 Glitnir announced that it had reached agreement with Íslandsbanki for the redemption of the Tier 2 note and Deposit issued by Íslandsbanki and held by Glitnir.
ii. The Euro Equivalent Redemption Funds to be distributed in relation to the agreement with Íslandsbanki is EUR 369,000,000.
With reference to announcement on Glitnir website on 29 August 2016 the total estimated amount to be paid on 22 September 2016 will therefore increase from EUR 7,000,000 to EUR 376,000,000.
The Issuer will provide a further notification on 20 September 2016 (which is the Optional Cash Redemption Second Notification Date). This will confirm the final amount of Euro Equivalent Available Optional Redemption Funds which will be used to redeem the Notes in cash, the aggregate principal amount of the Notes that will be outstanding immediately following the Optional Redemption Date of 22 September 2016 and the other information required under Condition 6.3(C).
Reykjavík, 9 September 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer
Glitnir hereby announces its intention to dispose of its claims and shares in the Icelandic company Klakki ehf. (www.klakki.is).
Klakki ehf is a holding company mostly owned by Icelandic and foreign financial institutions and pension funds. The company's main assets are Lýsing hf. and other smaller assets. Lýsing hf. operates in the field of finance through finance lease agreements in Iceland. Klakki's mission is to actively manage its portfolio in order to strengthen the operations of its subsidiaries and to maximise asset value.
Glitnir holding in Klakki is the composition debt issued by Klakki and share capital. The balance of the composition debt and the shares are:
• Trance A ISK 20,733,765,780
• Trance C ISK 2,823,072,730
• Number of shares ISK 3,268,858,150 (11.6% of total shares in Klakki)
Interested parties are requested to send offers to This email address is being protected from spambots. You need JavaScript enabled to view it. not later than 12:00 (Icelandic time) 12 September 2016.
Annual General Meeting, 26 April 2017 at 2pm