OMX Nordic Exchange Copenhagen A/S
6, Nikolaj Plads
DK-1007 Copenhagen K
Announcement No. 006-2008
7 March 2008
Totalkredit/Nykredit offers Amagerbanken Aktieselskab a changed cooperation
agreement
As announced by Totalkredit/Nykredit on 6 March 2008, the banks behind
Totalkredit have been offered a new cooperation agreement with a wider scope
compared to the agreement that was made in 2003 when Nykredit acquired
Totalkredit. The offer has been made on condition that a sufficient number of
banks endorse it.
Amagerbanken Aktieselskab has decided to endorse the new agreement.
The amended agreement will influence the Bank's income statement even this
fiscal year.
As the income is not recognized in core earnings, the Bank's expectations of
core earnings remain unchanged for 2008.
Adoption of the additional payment offered will result in a capital gain in
Amagerbanken Aktieselskab
The original purchase agreement from 2003 included a subsequent adjustment of
Nykredit's purchase price for Totalkredit depending on the market share of
Totalkredit on 1 April 2010. Diversification will, however, make it more
difficult to make a price calculation of Totalkredit's market share in 2010. As
a consequence of this, Nykredit is already now offering the banks to fix the
market share at 35% as at 1 April 2010. As originally agreed, payment as such
will be effected as agreed on 1 October 2012 and will be distributed among the
banks according to their shares in Totalkredit at the time of the sale of the
company in 2003.
Even if the additional payment does not fall due till 2012, the banks - if the
offer is endorsed - are to include the present value of the future, additional
payment as a capital gain in the income statement. For Amagerbanken Aktieselskab
the additional payment will result in a capital gain of approx. DKK 33 million,
which will increase the after tax result by DKK 25 million in the first quarter
of 2008.
Yours faithfully,
A M A G E R B A N K E N
Knud Christensen
Managing Director and
Chief Executive
