ING sets date for converting depositary receipts into ordinary shares
(Thomson Reuters ONE) -
ING announced today that the conversion of ING Groep N.V. depositary receipts
for shares into ING Groep N.V. ordinary shares will take place on 26 July 2016.
On that date investors will automatically receive one share in exchange for each
depositary receipt that they own, free of charge. ING announced its proposal to
abolish the depositary receipts structure on 10 March 2016. The conversion is
the final step in abolishing the existing depositary receipt structure,
following the majority vote in favour of agenda item 5A at ING's annual General
Meeting (AGM) on 25 April 2016. The related changes to the Articles of
Association - including the reduction of the nominal value of the shares from
EUR 0.24 to EUR 0.01 - as adopted by the AGM will also be implemented on 26 July
2016.
The conversion of the depositary receipts will not lead to any interruption of
trading in ING securities. The last day ING depositary receipts will be traded
is 21 July 2016. In accordance with the applicable settlement rules these
transactions will be settled on 25 July 2016. As of 22 July 2016, trading in
ordinary shares will commence, with transactions settling on 26 July 2016. On
that date, the automatic conversion will be implemented. ING will retain its
Euronext ticker symbol, "INGA", except for 21 July when the ticker symbol for
the depositary receipts will be INGAT for technical reasons. ING's ISIN code
will change on 26 July 2016 to NL0011821202.
After the conversion, ING's American Depositary Receipts (ADRs), which are
traded on the New York Stock Exchange, will automatically link to the underlying
shares. Holders of ADRs do not have to take any action, and the conversion of
the depositary receipts will not lead to any interruption of trading in the ADRs
which will retain their existing security identifiers.
For those investors who already hold registered shares, there will be no change
to their position.
Following the conversion of the depositary receipts into ordinary shares, the
process to abolish ING's depositary receipt structure will have been completed,
thereby simplifying ING's corporate governance structure.
Note for editors
For further information on ING, please visit www.ing.com. Frequent news updates
can be found in the Newsroom or via the (at)ING_news Twitter feed. Photos of ING
operations, buildings and its executives are available for download at Flickr.
Footage (B-roll) of ING is available via videobankonline.com, or can be
requested by emailing info(at)videobankonline.com. ING presentations are available
at SlideShare.
Press enquiries Investor enquiries
Carolien van der Giessen ING Group Investor Relations
+31 20 576 6386 +31 20 576 6396
Carolien.van.der.Giessen(at)ing.com Investor.Relations(at)ing.com
ING Profile
ING is a global financial institution with a strong European base, offering
banking services through its operating company ING Bank. The purpose of ING Bank
is empowering people to stay a step ahead in life and in business. ING Bank's
more than 52,000 employees offer retail and wholesale banking services to
customers in over 40 countries.
ING Group shares are listed (in the form of depositary receipts) on the
exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock
Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING's corporate strategy, which is
evidenced by ING Group shares being included in the FTSE4Good index and in the
Dow Jones Sustainability Index (Europe and World) where ING is among the leaders
in the Banks industry group.
Important legal information
Elements of this press release contain or may contain information about ING
Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of
EU Regulation No 596/2014.
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 ING'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) changes in the
availability of, and costs associated with, sources of liquidity such as
interbank funding, as well as conditions in the credit markets generally,
including changes in borrower and counterparty creditworthiness, (5) changes
affecting interest rate levels, (6) changes affecting currency exchange rates,
(7) changes in investor and customer behaviour, (8) changes in general
competitive factors, (9) changes in laws and regulations, (10) changes in the
policies of governments and/or regulatory authorities, (11) conclusions with
regard to purchase accounting assumptions and methodologies, (12) changes in
ownership that could affect the future availability to us of net operating
loss, net capital and built-in loss carry forwards, (13) changes in credit
ratings, (14) ING's ability to achieve projected operational synergies and
(15) the other risks and uncertainties detailed in the most recent annual
report of ING Groep N.V. (including the Risk Factors contained therein) and
ING's more recent disclosures, including press releases, which are available
on www.ING.com. Any forward-looking statements made by or on behalf of ING
speak only as of the date they are made, and, ING 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 purchase, any securities in the United States or any other
jurisdiction.
pdf version of press release:
http://hugin.info/130668/R/2028243/753940.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: ING Group via GlobeNewswire
[HUG#2028243]
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