The Board of Glitnir is pleased to announce that, subject to completion of conditions precedent, it has reached agreement with Islandsbanki for the redemption of the Tier 2 note and Deposit issued by Islandsbanki and held by Glitnir. This transaction will produce proceeds of around EUR 369 million. It is intended that this amount will be used to redeem the outstanding notes on 22 September 2016.

The Board of Glitnir HoldCo ehf. hereby presents the Consolidated Interim Financial Statements for 1 January to 30 June 2016, prepared in accordance with IFRS, in addition to a Covering Report.

Financial Statements H1 2016

Covering report

A conference call will take place at 14:00 BST (London time) on Friday 2 September 2016, where the CEO and the Chairman will present the H1 Financial Statements. For those wishing to participate in the call, please register in advance by clicking this link. 

Due to the Optional Redemption Date on 22 September 2016 Noteholders are hereby informed that they may not require transfers from 7 September 2016 until, and including, 22 September 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 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 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 22 September 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 16 September 2016.

(ii) The estimated Euro Equivalent Redemption Funds (EERF) to be distributed is EUR 7,000,000.

The breakdown by currency of the amounts included in the calculation of such estimate are as follows:

EUR 4,967,000,
USD 1,150,000 and
NOK 9,300,000

(iii) The Euro Equivalent Redemption Funds will derive from realizations of the following assets:

Loans to customers: EUR 476,000, USD 610,000 and NOK 9,300,000 of the EERF Equity: EUR 50,000 of the EERF
Other assets: EUR 106,000 of the EERF
Other sources of the EERF is reduced hold back of assets support fund and operating expenses reserve.

The Issuer will provide a further notification on 20 September 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 22 September 2016 and the other information required under Condition 6.3(C).

Reykjavík, 29 August 2016

On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer

At the Noteholder Meeting, held at Hilton Reykjavík Nordica, Suðurlandsbraut 2, Reykjavík, on 16 August 2016 at 1:30 pm, the following proposals set out in the notice of the meeting were duly passed by the majorities set out below:

1. Amendment of paragraph 12 of Schedule 12 to the Deed of Issuance:
97.43% of noteholders who attended the meeting voted in favour of the proposal
0.03% of noteholders who attended the meeting voted against the proposal

2. Amendment to the definition of “Permitted Indebtedness” and “Permitted Security”, as defined in the Terms and Conditions of the Notes:
Vast majority of noteholders approved the proposal. No noteholder rejected the proposal.

The meeting was attended by noteholders representing 70,93% of the remaining balance of Notes.

At the Extraordinary General Meeting, held at Hilton Reykjavík Nordica, Suðurlandsbraut 2, Reykjavík, on 16 August 2016 at 2:00 pm, the following proposal set out in the notice of the meeting was duly passed by the majorities set out below:

1. Amendments to the Articles of Association for Glitnir HoldCo ehf.:
97.73% of shareholders who attended the meeting voted in favour of the proposal
0.06% of shareholders who attended the meeting voted against the proposal

The meeting was attended by creditors representing 72,08% of Glitnir´s share capital.

The meeting minutes from the two meetings have been published on the secure website.

Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 870,318,019)
Amortising Zero-Coupon
Convertible Notes due 2030 (the “Notes”)

Terms not defined in this notice shall have the meaning given to them in the Conditions of the Notes or in the Deed of Issuance, as defined in the Conditions.

Reference is made to a notice, dated 2 August 2016, whereby the Board of Directors of Glitnir HoldCo ehf., id. No. 550500-3530 (the “Issuer”) gave notice to a meeting of the Holders of the Notes on 16 August 2016. As previously notified, the meeting will be held at Hilton Reykjavík Nordica, Suðurlandsbraut 2, Reykjavík, and will start at 1.30 pm.

The meeting is convened to vote on (a) an Ordinary Resolution to amend paragraph 12 of Schedule 2 to the Deed of Issuance, to permit proxies for a meeting of Holders to be submitted by electronic mail; and (b) an Ordinary Resolution to amend certain provisions of the Conditions, as further described in this Notice. The purpose of the proposed amendments to the Conditions is to provide the Board of Directors of the Issuer with additional flexibility to achieve the timely monetisation of its assets and subsequent distribution of proceeds to the Holders. Certain of the existing assets of the Issuer are subject to contractual restrictions which may limit the means by which they can be monetised (these assets being referred to below as "Restricted Assets"); the proposed amendments to the Conditions would enable the Board of Directors of the Issuer to create asset-backed or asset-linked debt instruments issued by the Issuer but on a limited recourse basis, i.e. each such issuance of debt would be limited in recourse solely to the recoveries received by the Issuer on the Restricted Assets identified as backing or linked to the debt incurred in that issuance. The holders of the debt raised on such a basis would have no recourse to the other assets of the Issuer and the net proceeds of the issuance of such debt would be applied only in or towards the redemption of the Notes. Although there are no present plans to issue any such limited recourse debt, the proposed amendments would provide immediate flexibility if conditions arose where the Board of Directors decided that pursuit of such a strategy would be of benefit to Holders.

Reference is made to a notice, dated 2 August 2016, regarding an Extraordinary General Meeting of Glitnir HoldCo ehf., id. No. 550500-3530.

As previously notified, the meeting will be held at Hilton Reykjavík Nordica, Suðurlandsbraut 2, Reykjavík, on 16 August 2016 at 2 pm.

The purpose of the meeting is to vote on proposed amendments to Articles 25.1, 25.5, 27 and 48 of Glitnir’s Articles of Association. The amendments, along with the reasoning behind the proposed amendments, can be found on the secure website within the Glitnir Post Composition section.

No further shareholder’s proposals were received. Therefore, the final agenda for the meeting is the following:

A) Amendments to the Articles of Association for Glitnir HoldCo ehf.
B) Debates and voting of other matters, lawfully tabled.

Reykjavík, 8 August 2016.

Mike Wheeler
Steen Parsholt
Tom Grondahl

Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 870,318,019)
Amortising Zero-Coupon
Convertible Notes due 2030 (the “Notes”)

Terms not defined in this notice shall have the meaning given to them in the Notes.

The Board of Directors of Glitnir HoldCo ehf., id. no 550500-3530, hereby gives notice that a noteholders meeting will be held at Hilton Reykjavik Nordica, Suðurlandsbraut 2, Reykjavík, on 16 August 2016 and will start at 1.30 pm. The meeting is convened in accordance with the provisions of Schedule 2 of the Deed of Issuance and in accordance with Article 22.1 of the Terms and Conditions of the Notes.

The meeting is convened to vote on proposed amendments to the terms and conditions of the Notes. Further information will be given in due course.

Reykjavik, 2 August 2016

On behalf of Glitnir HoldCo ehf.
Mike Wheeler
Steen Parsholt
Tom Grondahl

The Board of Directors of Glitnir HoldCo ehf., id. No 550500-3530, hereby gives notice that an Extraordinary General Meeting of the company will be held at Hilton Reykjavík Nordica, Suðurlandsbraut 2, Reykjavík, on 16 August 2016 and will start at 14:00 pm.

The purpose of the meeting is to vote on proposed amendments to Articles 25.1, 25.5, 27 and 48 of Glitnir’s Articles of Association. The amendments, along with the reasoning behind the proposed amendments, can be found on the secure website within the Glitnir Post Composition section.

Agenda for the meeting:

A) Amendments to the Articles of Association for Glitnir HoldCo ehf.
B) Debates and voting of other matters, lawfully tabled.

Shareholder’s proposals, which shall be presented at the Extraordinary General Meeting, must be submitted to the Company at least 10 days before the meeting.

Further information and final submissions will be available for inspection by shareholders at Glitnir’s headquarters and on Glitnir’s secured website 7 days before the meeting.

Reykjavík, 2 August 2016

On behalf of Glitnir HoldCo ehf.,
Mike Wheeler
Steen Parsholt
Tom Grondahl

Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 870,318,019)
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 29 June 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, 30 June 2016

On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer