Transfer of Securities positions Van der Moolen
(Thomson Reuters ONE) - Today, Van der Moolen nearly completed the transfer of its Europeansecurities position. Several subsidiaries of Van der Moolen had atotal position of 2.5 million option contracts with a total marketvalue of approximately ? 1.2 billion. Besides these contracts Van derMoolen owned about 90 million Swiss warrants, and had shares and ADRpositions. Expiration dates of the option contracts were up untilDecember 2013.The securities positions have been transferred to First EuroSecurities and Derivatives Trading B.V. ("First Euro"), a companywhich is owned by some former employees of Van der Moolen andthird-party financers. The former employees are mainly derived fromthe departments Mid Office and Risk Management.The complex transfer has been realised without any incidents in closecooperation with the related clearing organisations.As has been announced, Van der Moolen Holding N.V. is in a state ofbankruptcy. The receivers of Van der Moolen Holding N.V. wereconfronted with the question how to deal with the sizeable number ofsecurities positions, which - taking into account the optionexpiration this month - could result in high risks. This also in viewof the leave of the traders who have managed the related securitiespositions; traders who had the best insight knowledge in thesepositions. The transfer price of all securities positions has beendetermined after amongst others consulting related clearingorganisations, consideration of the possibilities and cost to winddown the positions for its own account, considering the results of anauction of the securities positions of an English subsidiary of Vander Moolen and finally based on an offer made on a portion of thepositions by a group of former Van der Moolen traders.First Euro will offer employment to about 14 former employees of Vander Moolen. First Euro will also take over some IT components and -contracts.In the meanwhile, the preparation for filing for bankruptcy of therelated subsidiaries has been started.As announced earlier, the receivers of Van der Moolen Holding N.V. donot expect any proceeds for common shareholders of Van der MoolenHolding N.V., this partly because of the current share capitalstructure. Common shareholders receive only payment in case ofdissolution after the preferred shareholders have received theiroriginal investment of about ? 40 million. Payment to preferredshareholders is possible only if all creditors have been paid.The receivers of Van der Moolen Holding N.V.Disclaimer:This press release contains forward-looking statements. Allstatements regarding our future financial condition, results ofoperations and business strategy, plans and objectives areforward-looking. Statements containing the words "anticipate,""believe," "intend," "estimate," "expect," "hope," and words ofsimilar meaning are forward-looking. In particular, the following areforward-looking in nature: statements with regard to strategy andmanagement objectives; pending or potential acquisitions; pending orpotential litigation and government investigations, includinglitigation and investigations concerning specialist trading in theU.S.; future revenue sources; the effects of changes or prospectivechanges in the regulation or structure of the securities exchanges onwhich our subsidiaries operate; and trends in results, performance,achievements or conditions in the markets in which we operate. Theseforward-looking statements involve risks, uncertainties and otherfactors, some of which are beyond our control, which may cause ourresults, performance, achievements or conditions in the markets inwhich we operate to differ, possibly materially, from those expressedor implied in these forward-looking statements. We caution you not toplace undue reliance on these forward-looking statements, whichreflect our management's view only as of the date of this PressRelease. We have no obligation to update these forward-lookingstatements.http://hugin.info/130805/R/1342094/321137.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 17.09.2009 - 19:44 Uhr
Sprache: Deutsch
News-ID 5943
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