Successful uptake on offer for perpetual capital securities underlines strong capital base and solidity of Van Lanschot

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON OR IN OR INTO THE UNITED STATES

  • Holders of the 2005 perpetual capital securities (ISIN NL0000117745) accept for 78%, or EUR 111.3 million, Van Lanschot's offer to repurchase these securities
  • Transaction results in a further improvement in the quality of the bank's capital

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 Dealer Managers:
Kempen & Co N.V. (+31 20 3488317 / hans.bruijn@kempen.nl)
UBS Limited (+44 20 7567 0525 / mark-t.watkins@ubs.com)

The Exchange and Tender Agent:
Citibank N.A. (+44 20 7508 3867 / exchange.gats@citi.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


Van Lanschot Media Relations:
Etienne te Brake, Media Relations Manager
Telephone +31 (0)73 548 30 26; mobile +31 (0)6 12 505 110; e-mail e.tebrake@vanlanschot.com

Van Lanschot Investor Relations:
Geraldine Bakker-Grier, Investor Relations Manager
Telephone +31 (0)73 548 33 50; mobile +31 (0)6 13 976 401; e-mail g.a.m.bakker@vanlanschot.com

Van Lanschot NV is the holding company of F. van Lanschot Bankiers NV, the oldest independent bank in the Netherlands with a history dating back to 1737. Van Lanschot focuses on three target groups: high net-worth individuals, medium-sized businesses (including family businesses) and institutional investors. Van Lanschot stands for high-quality services founded on integrated advice, personal service and customised solutions. Van Lanschot NV is listed on Euronext Amsterdam.

The press release can be downloaded from the following link:

Stock Van Lanschot (AEX): LANS More stock exchange information

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