Ageas receives full support from the Commercial Court of Brussels in summary proceedings against certain hedge funds holding MCS.
(Thomson Reuters ONE) -
Today Ageas received full support from the Commercial Court of Brussels in
summary proceedings against certain hedge fund owners of Mandatory Convertible
Securities ("MCS"). The latter requested that a meeting of MCS holders be
convened in order to approve a resolution to extend the maturity of the MCS by
20 years.
ageas SA/NV and ageas N.V., in coordination with the two other issuers of the
MCS (ABN AMRO and BNP Paribas Fortis), initiated summary proceedings to prevent
the MCS holders from holding such a meeting.
The President of the Commercial Court of Brussels, acting in summary proceedings
ordered that, although a MCS holders' meeting could take place before 7 December
2010, its effects would be suspended. The bondholders' meeting scheduled for
today, the 8th of November 2010, will thus take place but will have no practical
effect. The President of the Commercial Court of Brussels also ruled that all
parties should refrain, under penalty, from any action that could jeopardise the
conversion of the MCS into Ageas shares on 7 December 2010.
The President of the Court also recognised explicitly, even if provisionally,
that bondholders do not have the right to unilaterally modify the Terms and
Conditions of a debt instrument.
The MCS will therefore be mandatorily converted into Ageas shares on 7 December
2010 in accordance with the original agreement.
Ageas is an international insurance company with a heritage spanning more than
180 years. Ranked among the top 20 insurance companies in Europe, Ageas has
chosen to concentrate its business activities in Europe and Asia, which together
make up the largest share of the global insurance market. They are grouped
around four segments: Belgium, United Kingdom, Continental Europe and Asia. It
is an undisputed leader in the Belgian market for individual life and employee
benefits, as well as a leading non-life player, through AG Insurance.
Internationally Ageas has a strong presence in the UK, where it is the third
largest player in private car insurance. The company also has subsidiaries
in France, Germany, Ukraine and Hong Kong. Ageas has a track record in
developing partnerships with strong financial institutions and key distributors
in different markets around the world and successfully operates partnerships in
Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand. Ageas employs
more than 11,000 people and has annual inflows of almost EUR 16 billion.
Press contact
+32 (0)2 557 57 37
Investor Relations
Brussels
+32 (0)2 557 57 33
Utrecht
+31 (0)30 252 53 05
Ageas
Rue du Marquis 1 - 1000 Brussels - Belgium
Archimedeslaan 6 - 3584 BA Utrecht - The Netherlands
www.ageas.com
[HUG#1460057]
PDF version press release:
http://hugin.info/134212/R/1460057/399390.pdf
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Source: Ageas via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 08.11.2010 - 14:08 Uhr
Sprache: Deutsch
News-ID 48525
Anzahl Zeichen: 3748
contact information:
Town:
Brussel
Kategorie:
Business News
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"Ageas receives full support from the Commercial Court of Brussels in summary proceedings against certain hedge funds holding MCS."
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