NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON OR IN OR INTO THE UNITED STATES
Constant Korthout, CFO/CRO Van Lanschot: "Given its substantial liquidity position, Van Lanschot decided to make investors an offer to buy back the perpetual capital securities. Van Lanschot was able to make this offer thanks to its strong capital and liquidity position. The supervisory authorities sanctioned this transaction partly based on this solid position of the bank. The investors in these securities have reacted positively to Van Lanschot's tender offer. This is evidenced by the high percentage of investors that have accepted the offer and therefore decided to exit this illiquid security. In addition, the transaction has allowed Van Lanschot to further improve the quality of its capital through the creation of core capital. In this way, the bank is acting in anticipation of the new Basel III regulations which place more emphasis on the level of core capital."
On 29 September 2011, F. van Lanschot Bankiers N.V. (the Company) invited holders of its outstanding EUR 150,000,000 Perpetual Capital Securities (the 2005 Securities) to tender any and all of their 2005 Securities for purchase by the Company for cash (the Tender Offer). The Tender Offer was made on the terms and subject to the conditions and restrictions set out in a Tender Offer Memorandum dated 29 September 2011. Capitalised terms used in this announcement, but not defined, have the meanings given to them in the Tender Offer Memorandum.
The Tender Offer expired at 4 p.m. (London time) on Friday, 7 October 2011.
The Company hereby announces that the final aggregate principal amount of the 2005 Securities validly tendered pursuant to the Tender Offer is EUR 111.3 million. All 2005 Securities validly tendered have been accepted for purchase in full and will be cancelled following settlement of the Tender Offer by the Company. Subsequent to settlement of the Tender Offer, the Company will have cancelled an aggregate principal amount of EUR 119,350,000 of the 2005 Securities, representing approximately 80% of its original issue size.
|2005 Securities||ISIN||Aggregate amount outstanding||Principal amount accepted for purchase||Outstanding principal amount of 2005 Securities following completion of the Tender Offer|
|EUR150,000,000 Perpetual Capital Securities||NL0000117745||EUR 141,950,000||EUR 111,300,000||EUR 30,650,000|
Settlement is expected to occur on 12 October 2011, when the Purchase Price and the Accrued Coupon Payment for the 2005 Securities accepted for purchase will be paid.
The Exchange and Tender Agent:
Citibank N.A. (+44 20 7508 3867 / email@example.com)
The Offers were not being made directly or indirectly in or into the United States or to U.S. persons. The distribution of this announcement and the Memorandums and the making of the Offers in certain jurisdictions may be restricted by law.
's-Hertogenbosch, 10 October 2011
The press release can be downloaded from the following link: