Agreement regarding bonds issued by Lehman Brothers

Acta Kapitalforvaltning and Kaupthing Bank hf. have reached an agreement regarding the bonds Acta distributed to its clients in 2006/2007 where Lehman Brothers was the issuer. The agreement implies that clients who have geared their investment with a loan with Kaupthing and choose to accept the proposal, will pay back 60 per cent of the loan to Kaupthing against that Kaupthing will take over the bonds.  Taking the tax effects into consideration, this will mean slightly below 50 per cent for most clients.

Due to the fact that Lehman Brothers has been granted bankruptcy protection in the USA, a situation has arisen where the value of the bonds issued is uncertain. To make sure that individual clients does not have to wait for any potential dividend to be paid from the Lehman Brothers estate, Acta and Kaupthing has negotiated an agreement for those clients who have a loan with Kaupthing. Acta has during the last year spent approximately NOK 10 million and several man-years to arrive at this solution.

"We are pleased to present an offer to our clients which place them in a better position than if no agreement with Kaupthing had been reached", says Geir Inge Solberg, CEO in Acta.