Kvika banki hf.´s (“Kvika“ or “the bank“) board of directors has today issued and sold warrants for 46,000,000 new shares in the bank, in accordance with temporary provision II to Kvika´s articles of association and art. 46 of Act respecting public limited companies no. 2/1995.
The warrants were sold to employees of both Kvika and the bank´s subsidiaries.
The price for the warrants was calculated by an independent specialist and is 0.944 ISK per share.
The warrants are valid until 18 December 2022. A warrant holder’s right to exercise the warrants is effective as follows: (1) to a half (1/2) of the subscription shares in the period from 18 December 2020 until 18 December 2022 and (2) to a half (1/2) of the subscription shares in the period from 18 December 2021 until 18 December 2022. Either subscription period may, however, be extended if the existence of inside information on the final day of the relevant subscription period has prevented the warrant holder from exercising the warrant.
The subscription rate for each new share on exercise of warrants is based on Kvika´s market value at end of Tuesday 16 April and is 11,78*(1 + 7,5/100)t, where t represents the time elapsed from the issue of the warrants (calculated by dividing the number of days assuming each month has 30 days with 360 days).
Kvika´s total issued share capital is ISK 1,844,996,308 nominal value. Issued and outstanding warrants stand at ISK 733,986,138 nominal value. The board of directors is still authorised to issue and sell warrants for 54,500,000 new shares in the bank. Additionally, the board´s authorisation to issue warrants may increase by ISK 50,000,000 under certain conditions stated in temporary provision IV to the banks´s articles of association.
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