ING to sell 43 million shares in NN Group
(Thomson Reuters ONE) -
NN Group to repurchase shares from ING for an aggregate amount of EUR 200
million
NN Group announced today that its shareholder ING Group intends to sell
approximately 43 million ordinary shares in NN Group. NN Group will not be
issuing or selling shares, and will not receive any proceeds from the offering.
Following the transaction ING Group's shareholding in NN Group will decrease to
approximately 57% from its current shareholding of 68.1%.
The shares will be offered by way of an accelerated book building offering to
institutional investors. The per-share price and the final number of shares sold
will be determined at the conclusion of the offering and will be announced in a
separate press release.
As part of this transaction, NN Group has committed to repurchase NN Group
ordinary shares from ING Group through an order in the book at the offer price
for an aggregate amount of EUR 200 million, subject to a maximum of 25% of the
aggregate number of shares sold in the offering, which ING Group has agreed to
fully allocate. The share repurchase is subject to the satisfaction or NN
Group's waiver of a number of conditions. These conditions include the
successful completion of the offering, a minimum offering size and an offer
price not exceeding today's closing price of the ordinary shares. NN Group
expects to fund the share repurchase from the cash capital position at the
holding company. The impact to the solvency ratios of NN Group is expected to be
immaterial. NN Group intends to cancel the repurchased shares in due course,
subject to shareholder authorization.
The share repurchase is in line with NN Group's previously announced dividend
policy, where capital generated in excess of NN Group's capital ambition is
expected to be returned to shareholders unless it can be used for any other
appropriate corporate purposes, including investments in value creating
corporate opportunities. NN Group is committed to distributing excess capital in
a form which is most appropriate and efficient for shareholders at that specific
point in time, such as special dividends or share buy backs which may include a
repurchase of part of ING Group's shareholding in NN Group.
The offer price and the final number of shares sold will be determined at the
conclusion of the book building process and will be announced in a separate
press release. The book is open with immediate effect and is expected to close
by 5.30 p.m. (CET) on 18 February 2015, though ING reserves the right to close
the book before then at short notice. The transaction is expected to settle on
20 February 2015. As of the settlement date of the offering, the remaining
shares in NN Group held by ING Group will be subject to a lock-up period of 90
days (subject to certain exceptions and the Joint Book Runners' right to waive
the lock up restrictions).
ING Group has previously announced that, following the initial public offering
of NN Group on 2 July 2014, it intends to divest its remaining stake in NN Group
over time, in line with its strategy to divest all of its insurance and
investment management businesses. With this offering, ING Group further reduces
its stake in NN Group while retaining flexibility in the divestment of the
remaining stake.
Press enquiries NN Group Investor enquiries NN Group
Ingeborg Klunder Investor Relations
+31 (0) 20 541 6526 +31 (0)20 541 5464
Ingeborg.Klunder(at)nn-group.com investor.relations(at)nn-group.com
NN Group profile
NN Group is an insurance and investment management company with a strong,
predominantly European presence in more than 18 countries. With around 12,000
employees the group offers retirement services, insurance, investments and
banking to more than 15 million customers. NN Group includes Nationale-
Nederlanden, ING Insurance Europe, ING Investment Management and ING Life Japan
and is listed on Euronext Amsterdam (NN).
Important legal information
Certain of the statements contained herein are not historical facts, including,
without limitation, certain statements made of future expectations and other
forward-looking statements that are based on management's current views and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Actual results, performance or events
may differ materially from those in such statements due to, without limitation:
(1) changes in general economic conditions, in particular economic conditions in
NN Group's core markets, (2) changes in performance of financial markets,
including developing markets, (3) consequences of a potential (partial) break-up
of the euro, (4) the implementation of the EC Restructuring Plan, (5) changes in
the availability of, and costs associated with, sources of liquidity as well as
conditions in the credit markets generally, (6) the frequency and severity of
insured loss events, (7) changes affecting mortality and morbidity levels and
trends, (8) changes affecting persistency levels, (9) changes affecting interest
rate levels, (10) changes affecting currency exchange rates, (11) changes in
investor, customer and policyholder behaviour, (12) changes in general
competitive factors, (13) changes in laws and regulations, (14) changes in the
policies of governments and/or regulatory authorities, (15) conclusions with
regard to accounting assumptions and methodologies, (16) changes in ownership
that could affect the future availability to us of net operating loss, net
capital and built-in loss carry forwards, (17) changes in credit and financial
strength ratings, (18) NN Group's ability to achieve projected operational
synergies and (19) the other risks and uncertainties detailed in the Risk
Factors section contained in recent public disclosures made by NN Group and/or
related to NN Group (such as the most recent annual report of ING Groep N.V.).
Any forward-looking statements made by or on behalf of NN Group speak only as of
the date they are made, and, NN Group assumes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new information
or for any other reason. This document does not constitute an offer to sell, or
a solicitation of an offer to buy, any securities.
Download Press Release:
http://hugin.info/160538/R/1895183/672044.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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: NN Group NV via GlobeNewswire
[HUG#1895183]
Unternehmensinformation / Kurzprofil:
Datum: 17.02.2015 - 17:42 Uhr
Sprache: Deutsch
News-ID 372161
Anzahl Zeichen: 7611
contact information:
Town:
Amsterdam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 171 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ING to sell 43 million shares in NN Group"
steht unter der journalistisch-redaktionellen Verantwortung von
NN Group NV (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
