NONG - SpareBank 1 Nord-Norge strengthens its equity base
(Thomson Reuters ONE) -
The Main Board of Directors of SpareBank 1 Nord-Norge proposes a rights issue of
NOK 750 million towardsExisting equity certificate holders. In addition, private
placements of up to NOK 200 million is contemplated, utilising the existing
authorisation from the Supervisory Board of SpareBank 1 Nord-Norge of NOK 320
million.
SpareBank 1 Nord-Norge has implemented various measures to strengthen the banks
solidity, and will continue to do so. Some of these measures are;
* various measures to increase profitability, including increased interest
margins
* reduced dividend level
* reduced lending growth, especially in the corporate segment
* submitted application to use IRBA for calculating minimum capital
requirements
* measures to increase capital efficiency
* sale of shares in SpareBank 1 Oslo Akershus
The background for the proposal to strengthen the equity base is to meet future
capital requirements and toparticipate in the profitable growth in the northern
part of Norway.
The planned equity issues will increase the group's core capital adequacy of up
to 1.7 percentage points, compared to 30 June 2013.
The rights issue is guaranteed by a consortium consisting of SpareBank 1 SMN,
SpareBank 1 SR-bank, Sparebanken Hedmark, Samspar and Sparebankstiftelsen
SpareBank 1 Nord-Norge.
The private placements of up to NOK 200 million will be directed towards
Sparebankstiftelsen SpareBank 1 Nord-Norge, prospective institutional investors
and the bank's employees, the members of the Main Board of Directors and the
regional Boards of Directors.
The private placement towards Sparebankstiftelsen and prospective institutional
investors will be at market terms.
The private placement towards employees, the members of the Main Board of
Directors and the regional Boards of Directors, will be at a discount, and will
be subject to a lock-up period, in line with previous sales of equity
capital certificates to the aforementioned parties.
Arctic Securities, SpareBank 1 Markets and SpareBank 1 Nord-Norge Markets are
managers of the above transactions.
Tentative time schedule:
9 September 2013: Supervisory Board meetings to approve the main board of
directors' suggested terms for the equity issues
10 September 2013: The equity certificates are listed exclusive subscription
rights
13 - 27 September 2013: Subscription period and trade in subscription rights on
the Oslo Stock Exchange
~8 October 2013: Allocation of new equity certificates in the rights issue and
the employee issue
~10 October 2013: Registration with the Norwegian Register of Business
Enterprises and delivery of the new equity certificates
~11 October 2013: Listing of the new equity certificates from the rights issue
and the employee issue on the Oslo Stock Exchange
Contact persons at SpareBank 1 Nord-Norge:
CEO Jan-Frode Jansen; mob + 47 909 75 183
CFO Rolf Eigil Bygdnes; mob +47 905 19 774
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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: SpareBank 1 Nord-Norge via Thomson Reuters ONE
[HUG#1722647]
Unternehmensinformation / Kurzprofil:
Datum: 13.08.2013 - 11:14 Uhr
Sprache: Deutsch
News-ID 287026
Anzahl Zeichen: 4077
contact information:
Town:
Tromsø
Kategorie:
Business News
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"NONG - SpareBank 1 Nord-Norge strengthens its equity base"
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