LLB plans to delist Bank Linth
According to a press release issued by LLB, the bank, which is majority owned by the Principality of Liechtenstein, is planning to complete a full takeover of Bank Linth, headquartered in Uznach in Eastern Switzerland. Shareholders have been offered a choice between full cash settlement at 600 Swiss francs per share or partial exchange for LLB shares with a cash component. In the latter, a total of 323 Swiss francs and five LLB shares are offered in exchange for one Bank Linth share. Both the Board of Directors and Management Board of Bank Linth have recommended that shareholders accept the offer, the press release states.
LLB acquired a stake of 75 percent in Bank Linth as far back as 2007. Following the completion of the full takeover, LLB intends to delist Bank Linth from the SIX Swiss Exchange. This move would allow Bank Linth to “concentrate fully on its clients and their needs while at the same time reducing complexity and cutting costs”, LLB writes in the press release. For its part, LLB will continue to be listed on the same stock exchange.
“We hope that the Bank Linth shareholders will choose the partial exchange offer and that we will be able to welcome them as LLB shareholders”, comments Gabriel Brenna, LLB Group CEO, in the press release, before adding: “This will allow them to participate in the continued growth of the entire LLB Group and profit from an attractive and sustainable dividend policy with a distribution ratio of more than 50 percent of Group profit”.