SOURCE: Landsbanki Íslands hf

August 09, 2007 13:29 ET

Landsbanki Acquisition of Bridgewell Completed

REYKJAVÍK, ICELAND--(Marketwire - August 9, 2007) - Landsbanki's acquisition of Bridgewell Group plc is now complete. The scheme of arrangements for Landsbanki's proposed takeover of Bridgewell Group plc was sanctioned by the High Court of England and Wales on Monday, 30 July 2007. On Wednesday, 8 August, the High Court confirmed the reduction of capital of Bridgewell Group plc which forms part of the scheme of arrangements. Accordingly, the scheme of arrangements has become effective af of today 9 August 2007. As a part of this transaction, the Board of Directors of Landsbanki has resolved to increase Landsbanki's share capital of ISK 172,076,284 nominal value. Landsbanki will use the new shares as the Landsbanki share component (90%) of the total price payable by Landsbanki for Bridgewell. The Landsbanki share price for this purpose was fixed on 27 July 2007 at 39.4 and the exchange rate of ISK/GBP was fixed at 124.99, giving a ratio of 3.56888 new Landsbanki shares for each Bridgewell ordinary share. The new Landsbanki shares were issued on 8 August 2007 and listed on the OMX Nordic Exchange in Iceland on 9 August 2007.

As of 10 August 2007, Bridgewell will be included in Landsbanki's consolidated accounts. The operations of Teather & Greenwood and Bridgewell will be combined under the Landsbanki brand name to form Landsbanki Securities UK. This will be achieved by transferring Bridgewell from the Landsbanki parent company to Teather & Greenwood and re-branding the joint operations of both companies as Landsbanki Securities UK.

For further information please contact:

  * Landsbanki's CEOs Sigurjón Th. Árnason, tel. +354 410-4009 / +354
    898 0177 and Halldór J. Kristjánsson, tel. +354 410 4015 / +354
    820 6399.
  * Landsbanki Securities UK - Nick Stagg, CEO, Tel +44 (0)207 426
    7719
  * Media Relations - Andrew Walton, Financial Dynamics, tel: +44 20
    7269 7204 / mob: +44 7711 264 157.

About Landsbanki - www.landsbanki.com/ir

Landsbanki is a growing European bank with total assets of ISK 2,597 billion (EUR 30.8 bn) at 30 June 2007 and a market capitalisation of ISK 440 billion (EUR 5.04 bn) at 8 August 2007. Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. is traded on the OMX Nordic Exchange Iceland under the symbol (LAIS IR). Landsbanki is rated by Moody's (Aa3 / P-1 / C / Stable) and Fitch (A / F1 / B/C / Stable).

Since its establishment in 1886, Landsbanki has positioned itself as Iceland's primary provider of general and specialised financial services to individuals, corporate entities and institutions. The bank holds a market share of over 30% in all major business segments and has the country's most extensive branch network.

Focused on providing corporate and investment banking services to mid-cap corporates in Europe, the bank's unique product line includes access to both debt and equity markets; its research department is among the most comprehensive in Europe, including some 90 analysts covering close to 900 European stocks locally. Through its extensive distribution network in all major financial centres of Europe and North American representation in New York, Winnipeg and Halifax, Landsbanki has a strong platform to deliver targeted financial services based on local expertise.

Copyright © Hugin ASA 2007. All rights reserved.

Contact Information

  • For further information please contact:

    * Landsbanki's CEOs Sigurjón Th. Árnason, tel. +354 410-4009 / +354
    898 0177 and Halldór J. Kristjánsson, tel. +354 410 4015 / +354
    820 6399.
    * Landsbanki Securities UK - Nick Stagg, CEO, Tel +44 (0)207 426
    7719
    * Media Relations - Andrew Walton, Financial Dynamics, tel: +44 20
    7269 7204 / mob: +44 7711 264 157.