2 Capital structure

2.1 Capital

At the end of 2009, the share capital of the Liechtensteinische Landesbank amounted to CHF 154 million (30'800'000 bearer shares having a nominal value of CHF 5.–).

2.2 Conditional and approved capital

On the balance sheet date, the Liechtensteinische Landesbank had no conditional capital or approved capital.

2.3 Changes to capital

Changes to capital during the last two report years are shown in the table «Consolidated statement of changes in equity» and in the Notes to the consolidated financial statement of the LLB Group.

2.4 Shares and participation certificates

As at 31 December 2009, the share capital amounted to 30'800'000 fully paid up shares made out to the bearer with a par value of CHF 5.–. With the exception of the LLB shares held by the Liechtensteinische Landesbank and its subsidiaries (2'320'383 shares on 31 December 2009), all the shares are eligible for dividend. As at 31 December 2009, therefore, share capital eligible for dividend amounted to CHF thousands 142'398. In principle, all LLB shares are eligible for voting (one share, one vote). However, on account of the regulations concerning the purchase of own shares (Art. 306a ff. PGR), the shares held by the Liechtensteinische Landesbank and its subsidiaries are not eligible for voting. There are no priority rights or similar entitlements. Shareholders have a subscription right with the issue of new shares, which entitles them to subscribe to new shares in proportion to number of shares they already hold.

The Liechtensteinische Landesbank has not issued participation certificates.

2.5 Profit-sharing certificates

The Liechtensteinische Landesbank has not issued profit-sharing certificates.

2.6 Transfer limitations and nominee registrations

The Liechtensteinische Landesbank has issued only bearer shares; these are fully transferable.

2.7 Convertible bonds and options

On 12 April 2006, the Liechtensteinische Landesbank made a convertible bond issue to the value of 270 million Swiss Francs with a term up to 12 April 2011. The coupon amounts to 1.65 percent per year, payable for the first time on 12 April 2007.

Convertible bond

 

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Validity

Conversion ratio

Conversion price

Reason for adjustment

Up to 9 May 2007

0.848572

CHF 1'178.45

10–17 May 2007

8.485362

CHF 117.85

Split of bearer shares in ratio 1:10

From 18 May 2007

8.492569

CHF 117.75

Dividend of CHF 32.– gross per bearer share for the 2006 business year

From 18 May 2007 to 7 April 2011, or up to the early redemption date of the bond issue, each bond with a denomination of CHF 1'000.– can be converted free of charge into 8.492569 bearer shares of the Liechtensteinische Landesbank having a par value of CHF 5.–. The conversion price therefore amounts to CHF 117.75. Fractions having a value in excess of CHF 1.– will be reimbursed in cash.

The Liechtensteinische Landesbank may – while observing a period of notice of 30 days – redeem the convertible bonds under the following conditions at par plus accrued interest:

  • at any time, provided that less than 15 percent of the original bond issue amount is outstanding;
  • from 27 April 2009, provided the closing price of the LLB bearer share exceeds 130 percent of the applicable conversion price on 20 days during a period of 30 consecutive trading days.

The convertible bond of Liechtensteinische Landesbank is listed on the SIX Swiss Exchange (security number 2481854, ISIN number LI0024818549).

More details regarding the convertible bond issue can be seen in the Notes to the consolidated financial statement of the LLB Group in the table «Debt issued».

As per 31 December 2009, the Liechtensteinische Landesbank had no options on its own shares outstanding.