LLB successfully concludes public tender offer

Vaduz, 19 May 2022. On 18 May 2022, the Liechtensteinische Landesbank AG (LLB) completed its public offer to Bank Linth shareholders to purchase their Bank Linth shares. With this transaction, the LLB has increased its shareholding in Bank Linth to currently 99.86%, taking into account further shares bought on the stock market since the end of the additional acceptance period. A gratifying 38.46% of all Bank Linth shares tendered were declared for the partial exchange offer. This means that 363'785 LLB shares have accrued to the former Bank Linth shareholders.

On 27 January 2022, the LLB published an advance notice announcing its public tender offer to Bank Linth shareholders. The offering prospectus was published on 25 February 2022. The LLB offered shareholders a free choice between a partial exchange offer into LLB shares with a cash component and a full cash settlement. On 18 May 2022, the LLB successfully settled the offer. The LLB's shareholding in Bank Linth is now 99.86%, taking into account further shares bought on the stock market since the end of the additional acceptance period.

72757 Bank Linth shares (38.46% of all Bank Linth shares tendered) were declared for the partial exchange offer into LLB shares with a cash component. This means that 363'785 LLB shares have accrued to the former Bank Linth shareholders, corresponding to 1.18% of all outstanding LLB shares.

As Georg Wohlwend, Chairman of the Board of Directors of the LLB Group, emphasizes, "We are very pleased that our public tender offer has resonated so broadly among Bank Linth shareholders and that we are able to welcome many of them as new shareholders of the LLB thanks to the partial exchange offer. This strengthens our strategic orientation of Bank Linth as a retail bank with a clear focus on our clients, and it is a vote of confidence in the stability and security of the LLB Group."
Gabriel Brenna, Group CEO, expresses his satisfaction about the increase in shareholders: "We would like to extend a warm welcome to the new LLB shareholders. They will continue to participate in the development of Bank Linth and the growth of the entire LLB Group. They can also benefit from the LLB's attractive dividend policy with a payout ratio of more than 50% of the Group's net profit."

The broadening of the shareholder base does not result in any dilution for existing LLB shareholders, given that the LLB acquired the necessary additional shares from its majority shareholder, the Principality of Liechtenstein, effective 13 May 2022. This reduces the stake of the Principality of Liechtenstein in the LLB from 57.47% to 56.29%. At the same time, the free float of LLB shares increased to 37.27% effective 18 May 2022.

As a result of the settlement of the offer, the participation threshold of 98% has been exceeded. The LLB accordingly plans to initiate cancellation proceedings for the remaining publicly held Bank Linth shares with the competent court on 24 May 2022. Upon conclusion of this process, the remaining Bank Linth shareholders will receive a compensation. Cancellation proceedings generally take five to six months.

Based on the transaction agreement dated 26 January 2022, LLB will request Bank Linth to apply to SIX for delisting of the Bank Linth shares.

Important dates

Wednesday, 24 August 2022, presentation of 2022 interim business result

Friday, 5 May 2023, 31^st ordinary General Meeting of Shareholders

Brief portrait

Liechtensteinische Landesbank AG (LLB) is the longest established financial institute in the Principality of Liechtenstein. The majority of the companys share capital is held by the Principality of Liechtenstein. LLBs shares are listed on the SIX Swiss Exchange (symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services, as a universal bank, in private banking, asset management and fund services. With 1'056 employees (full-time equivalent positions), LLB is represented in Liechtenstein, Switzerland, Austria and the United Arab Emirates (Abu Dhabi and Dubai). As per 31 December 2021, the business volume of the LLB Group stood at CHF 106 billion.

Best regards

Liechtensteinische Landesbank
Aktiengesellschaft

Dr. Cyrill Sele
Head Group Corporate Communications & Sustainability

Liechtensteinische Landesbank Aktiengesellschaft
Staedtle 44, P. O. Box 384, 9490 Vaduz, Liechtenstein
Telephone +423 236 82 09
E-mail ir@llb.li
Internet https://www.llb.li