The Board of Directors of Kvika banki hf. (“Kvika” or “the Company“) have received 30 notifications from holders of subscription rights on shares in the Company, amounting to a total nominal value of ISK 52,516,762, for exercising of the rights.
On the one hand a notification from a holder of subscription rights issued and sold in 2016 in accordance with Temporary Provision III of Kvika‘s Articles of Association, that is subscription for 28,550,107 shares in the Company at the price of 4.18. On the other hand notifications from holders of subscription rights issued and sold in September 2017 in accordance with Temporary Provision IV of Kvika‘s Articles of Association, that is subscription for 23,966,655 shares in the Company at the price of 6.18. The total purchase price for the new shares amounts to 267,453,376.
Pursuant to contracts regarding the issuance of subscription rights, the Board of Directors is obliged to raise the share capital to fulfil its obligations regarding the rights and issue share capital, register the holders of the rights in the share registry and ensuring their registration as the holders of the rights in the central securities depository, cf. Act no. 131/1997 on the electronic registration of title to securities.
The Board of Directors today exercised its authority according to Temporary Provisions III and IV of the Company’s Articles of Association to increase its share capital for the purpose of fulfilling the aforementioned subscription rights. The Company’s share capital will therefore be increased by ISK 52,516,762 and will, after this increase, amount to a nominal value of ISK 1,927,449,104, with the issuance of new shares. The board‘s authorisation to increase share capital in accordance with Temporary Provision III has been cancelled as there are now no outstanding subscription rights according to the provision. The board‘s authorisation to increase the share capital on the basis of Temporary Provisions IV will, as a result of the above, be for a nominal value of ISK 606,033,345.
The share capital increase shall be announced and registered by the register of undertakings of the Directorate of Internal Revenue and new shares shall be issued by the Nasdaq central securities depository.
This announcement is in accordance with the procedure introduced in the Company‘s announcement from 19 September.