2 Capital structure
2.1 Capital
The share capital of the Liechtensteinische Landesbank comprised 30’800’000 registered, fully paid shares with a nominal value of CHF 5.00 each and therefore amounted to CHF 154.0 million.
2.2 Conditional and approved capital
On the balance sheet date, the Liechtensteinische Landesbank had no conditional capital and no approved capital.
2.3 Changes to capital
The share capital amounts to CHF 154 million and has not changed during the last three years. The LLB Group’s equity totalled CHF 1'883 million on 31 December 2017, CHF 2'010 million on 31 December 2018 and CHF 2'060 million on 31 December 2019 (see table “Consolidated statement of changes in equity” for the composition and changes to capital during the last two report years.
2.4 Shares and participation certificates
As at 31 December 2019, the share capital amounted to 30’800’000 fully paid registered shares with a nominal value of CHF 5.00. With the exception of the LLB shares held by the Liechtensteinische Landesbank and its subsidiaries (364'295 shares), all the shares are eligible for dividend. As at 31 December 2019, share capital eligible for dividend therefore amounted to CHF 152.2 million. In principle, all LLB shares are eligible for voting according to the principle of “one share, one vote”. However, on account of the regulations concerning the purchase of own shares (Art. 306a ff. PGR / Liechtenstein Person and Company Law), the shares held by 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 the number of shares they already hold.
Liechtensteinische Landesbank AG has not issued participation certificates.
2.5 Profit-sharing certificatese
Liechtensteinische Landesbank AG has no outstanding profit-sharing certificates.
2.6 Transfer limitations and nominee registrations
The registered shares of Liechtensteinische Landesbank are fully transferable, whereby the Principality of Liechtenstein holds at least 51 per cent of the capital and voting rights, and may not sell this equity stake.
The Liechtensteinische Landesbank maintains a share register containing the names of the owners of registered shares. Upon request, the purchasers of registered shares are entered in the share register as shareholders having a voting right provided that they expressly render a declaration that they have purchased these shares in their own name for their own account. If the purchaser is not prepared to render such a declaration, the Board of Directors can refuse to enter the shares with voting rights in the register. Pursuant to Art. 5a of the Statutes (www.llb.li/statutes), the Board of Directors has specified that nominee registrations without the above-mentioned declaration are generally to be made without a voting right. The legal refusal of registration in the share register on important grounds remains reserved.
2.7 Convertible bonds and options
As at 31 December 2019, the Liechtensteinische Landesbank had no convertible bonds or options on its own shares outstanding.
On 7 May 2019, LLB made a fixed interest bond issue totalling over CHF 150 million. The term to maturity amounts to seven years and the yield on maturity will be 0.07 per cent. The bond has been listed on the SIX exchange since 27 May 2019 (ISIN: CH0419041204) and is traded on the secondary market.
On 4 September 2019, LLB made a further fixed interest bond issue totalling CHF 100 million. The term to maturity amounts to ten years and the yield on maturity will be -0.16 per cent. The bond has been listed on the SIX exchange since 27 September 2019 (ISIN: CH0419041527) and is traded on the secondary market.