Announcement no. 36-2010
15 September 2010
Company announcement
Final result of Amagerbanken's rights offering
Amagerbanken is pleased to announce that the final result of the offering of new
shares with pre-emption rights for the existing shareholders shows that the
offering is still fully subscribed.
Following expiry of the deadline for cancellation of orders on 14 September 2010
at 5 pm following the bank's announcement of prospectus supplement no. 2 on 12
September 2010, subscriptions for or subscription commitments had still been
received in respect of 299,459,556 new shares of a nominal value of DKK 3 each
corresponding to the maximum nominal amount of DKK 898,378,668 offered.
Furthermore, additional subscription commitments were still made for a
substantial amount, which means that the offering has been oversubscribed by
around 36.7%.
The offering has generated gross proceeds to the bank in the approximate amount
of DKK 898m and proceeds net of costs of around DKK 878m. This means that the
bank obtains a core capital ratio of 13.9% and a solvency ratio of 19.1%
calculated as at 30 June 2010.
The bank's board of directors has on this basis decided to effect the capital
increase and, at the same time, to effect the capital reduction adopted at the
extraordinary general meeting held on 17 August 2010. The candidates appointed
by the Financial Stability Company for the board of directors of Amagerbanken,
Mr Steen Hemmingsen and Mr Steen Hove, who were elected at the bank's
extraordinary general meeting on 13 September 2010, have not participated in the
preparation of the prospectus dated 17 August 2010 with supplements of 3
September and 12 September 2010, respectively, and have therefore abstained from
voting on this issue.
Shareholders and investors without pre-emptive rights who have been allocated
shares on the basis of subscription commitments will be notified of this by
their own account-holding bank. The allocated shares must be paid up for value
on today's date (short settlement).
It is expected that the capital reduction and the capital increase,
respectively, will be registered with the Danish Commerce and Companies Agency
today, 15 September 2010.
Following registration of the capital reduction and the capital increase, the
bank will have fulfilled the condition in the agreement with the Financial
Stability Company that the bank's capital base must be increased by at least DKK
750m.
The bank has furthermore fulfilled the additional condition of the Financial
Stability Company regarding the election of the candidates appointed by the
Financial Stability Company to the bank's board of directors by the election of
Mr Steen Hove and Mr Steen Hemmingsen to the board of directors at the
extraordinary general meeting held on 13 September 2010.
In the coming period, the bank will successively dispose of the bonds issued by
the bank and which are covered by the individual government guarantees of a
total of up to DKK 13.5bn issued by the Financial Stability Company.
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The timetable provided in prospectus supplement no. 2 of 12 September 2010 has
not been changed. The expected first day of listing for the new shares in the
preliminary ISIN code DK0060242972 is thus 17 September 2010 (the first day of
listing was at the extraordinary general meeting held on 13 September 2010 by
mistake stated to be on 24 September 2010).
Integration of the preliminary ISIN code with the existing ISIN code on NASDAQ
OMX Copenhagen A/S is expected to be effected on 21 September 2010, and
integration of the preliminary ISIN code with the existing ISIN code is expected
to be effected with effect for the shareholders' securities (VP) accounts as at
24 September 2010.
Mr Jørgen Brændstrup, Managing Director and Chief Executive of Amagerbanken,
says: "It has been a very hectic summer to our shareholders, customers and
employees alike. We are proud that the operation was successful but at the same
time we remain very humble for the outstanding loyalty and support shown by both
our large shareholders and by our thousands of small shareholders. The
management and employees of the bank will now mobilise all resources to continue
the partnership with our customers and we are pleased that the bank will now be
able to work in a more quiet atmosphere."
Yours faithfully
A M A G E R B A N K E N
N.E. Nielsen Jørgen Brændstrup
For further information, please contact Mr N.E. Nielsen or Mr Jørgen Brændstrup
via Ms Anne Mikkelsen (co-ordinator) at tel. +45 32 66 64 03.
www.amagerbanken.com
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