Silent Participations and Profit Participation Capital of HSH Nordbank
(Thomson Reuters ONE) -
HSH N Funding II
Incorporated on May 26, 2005 as an exempted company with limited liability under
the laws of the Cayman Islands.
Registered Office: P. O Box 309
Ugland House, South Churce Street
Grand Cayman KY1-1004
Cayman Islands
Issuer Name: HSH N Funding II
HSH N Funding II: Participation in losses and non-payment of coupons for HSH
Nordbank's hybrid capital
March 31, 2012
HSH N Funding II (the Company) announces the following:
The Company was informed by HSH Nordbank AG, Hamburg and Kiel ("the Bank"), that
the financial statements for the business year 2011 of the Bank according to HGB
("Handelsgesetzbuch" / German GAAP) will report a balance sheet loss/net loss
for 2011. Therefore, no coupon payments for the fiscal year 2011 will be made by
the Bank on silent participations and profit participation capital. Moreover,
these hybrid instruments will participate in the Bank's balance sheet loss/net
loss.
For the instruments issued on a fiduciary basis by Banque de Luxembourg with
ISIN XS0221141400 listed on Euronext Amsterdam which are based on a silent
participation, this means that no coupon payment will be made for the profit
period 2011 and that these instruments will participate in a balance sheet loss
for the fiscal year 2011 via the silent participation. The book value of the
silent participation was reduced by 6.318493384 percent to 73.091411685
percent.
The following instrument issued on a fiduciary basis by Banque de Luxembourg is
affected:
USD 500,000,000 HSH Nordbank Sphere Securities with the ISIN XS0221141400 listed
on Euronext Amsterdam:
Description of the fiduciary structure:
With the proceeds of the issue of the SPHERE Securities, the Banque de
Luxembourg has, in its own name but at the sole risk and for the sole benefit
and account of the holders of the SPHERE Securities acquired 500,000 Class B
Preference Shares issued by HSH N Funding II (the "Company"). With the proceeds
of the issue of the Class B Securities, the Company acquired a silent
participation in the commercial enterprise (Handelsgewerbe) of the Bank in the
form of a Stille Gesellschaft under German law.
The SPHERE Securities are perpetual securities and have no fixed maturity date.
They represent a pro rata interest in the Class B Securities and all payments
actually received by the Fiduciary thereunder. The Fiduciary holds the Class B
Securities in its own name, on a fiduciary basis, but solely at the risk and for
the account of the Securityholders. The SPHERE Securities evidence a fiduciary
contract between the Securityholders and the Fiduciary pursuant to which the
Fiduciary is only obligated to pass on funds to the Securityholders actually
received from the Company under the Class B Securities but has no other payment
obligations to the Securityholders. The amounts of distributions under the Class
B Securities depend, among others, on the profits of the Bank.
Cayman Islands, March 31, 2012
Company: HSH N Funding II
PO Box 309,
Ugland House,
Grand Cayman,
KY1-1104,
Cayman Islands
Corporate News:
http://hugin.info/142466/R/1601697/505821.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: HSH N Funding II via Thomson Reuters ONE
[HUG#1601697]
Unternehmensinformation / Kurzprofil:
Datum: 11.04.2012 - 19:04 Uhr
Sprache: Deutsch
News-ID 134057
Anzahl Zeichen: 4203
contact information:
Town:
Hamburg
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Silent Participations and Profit Participation Capital of HSH Nordbank"
steht unter der journalistisch-redaktionellen Verantwortung von
HSH N Funding II (Nachricht senden)
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