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Kaupthing Bank HF (83SD)

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Thursday 22 March, 2012

Kaupthing Bank HF

Delisting of Floating Rate Notes

RNS Number : 8978Z
Kaupthing Bank hf
22 March 2012
 



Kaupthing hf.

Borgartún 26

105 Reykjavik.

Iceland.

 

Announcement

 

Delisting of Floating Rate Notes issued by Kaupthing Bank under the                    

 EUR 12.000.000.000 Euro Medium Term Note Programme.           

  ISIN:XS0325670882

Reykjavík, Iceland March 22, 2012 - "Kaupthing" (Formerly known as "Kaupthing Bank") hereby announces that it intends to instruct for de-listing of the Floating Rate Notes under  the EUR 12.000.000.000 Euro Medium Term Note Programme (ISIN XS0325670882) from trading on the regulated market of London Stock Exchange plc. The Kaupthing de-listing is expected to take effect in 25 April 2012.

On the 9 October 2008, Kaupthing Bank hf.'s (now Kaupthing hf.) board of directors resigned on its own initiative due to Kaupthing hf.'s financial difficulties and a resolution committee was appointed for Kaupthing hf. by the Financial Authority of Iceland, in accordance with the Act no. 125/2008 on the Authority the Treasury Disbursements due to Unusual Financial Market Circumstances etc. that was passed in reaction to the collapse of the banking system in Iceland. The roles of and duties of the resolution committee are laid down in the Act on Financial Undertakings, no. 21/1991 on Bankruptcy etc. Moratorium was granted to Kaupthing hf. on 24 November 2008, and Kaupthing hf. was in moratorium until 22 November 2010, when Kaupthing hf. formally entered into winding-up proceedings with a ruling of the District Court of Reykjavík on the 22 November 2010. Kaupthing hf. is still in winding-up proceedings.

 

In accordance with the legislative changes made last year, resolution committees appointed to financial undertakings ceased to exist in accordance with legislative changes. Consequently, the winding up committee of Kaupthing hf. has assumed all responsibility for managing the Kaupthing hf. estate as of 1 January 2012

 

This de-listing should not have any impact on the future entitlements of holders of this security, and there should thus be no mark-down of the global certificate, as it currently represents this entitlement.

 


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