SpareBank 1 SR-Bank boosts equity by NOK 1.2 billion, including
private placings to Gjensidige Forsi
(Thomson Reuters ONE) - SpareBank 1 SR-Bank is issuing equity certificates totalling NOK1,200 million, of which approx. NOK 866 million is in the form of twoprivate placings to Gjensidige Forsikring BA, and approx. 330 millionis in the form of a public rights issue. Furthermore, the bank plansa private placing of up to NOK 90 million to its employees.The board of SpareBank 1 SR-Bank resolved at a meeting on 24September to present the issue proposals to the bank's SupervisoryCommittee. In total, the offerings will provide the bank with equityof between NOK 1,200 and 1,290 million.The issues will enable SpareBank 1 SR-Bank to obtain further capitalby issuing perpetual capital securities on the market. The intentionis to do so before the end of 2009. In total, these transactions willincrease the core capital and financial strength up to the desiredlevel. Providing the issues are executed and approved by theauthorities, there will be no need for a capital injection from theNorwegian State Finance Fund. The bank's core capital ratio isexpected to be between 9.5 and 10% by the end of 2009. The proportionof equity certificate owners capital of total equity will increase toaround 65% from the current level of 56.6%."We are highly satisfied with this agreement. This is a long-termfinancial investment in a profitable and competitive bank in a marketwith good economic prospects," says Deputy CEO Tor Magne Lønnum,Gjensidige Forsikring BA.The issues give Gjensidige Forsikring BA a 17.3% shareholding ofSparebank 1 SR-Bank's equity certificates before calculation of theeffect of the private placing to the employees. Ownership over 10% ofthe total equity in the bank requires approval from the authoritiesand Gjensidige Forsikrings BA's acceptance is provisional on suchapproval being granted."Bringing Gjensidige Forsikring BA in as the biggest shareholder ofthe bank's equity certificates is an important milestone for us. Thecompany is a strong and confidence-inspiring owner with a shared setof values. We have considered several alternatives to improve ourcore capital situation but this solution was by far the preferredone. The injection of fresh equity will provide a strong financialbasis for the bank, and a good foundation for normal lending growthand improved earnings," says Terje Vareberg, CEO of SpareBank 1SR-Bank.The board of SpareBank 1 SR-Bank proposes the following main pointsto the bank's Supervisory Committee:Part 1: Private placingA private placing to Gjensidige Forsikring BA, based on negotiationsbetween the parties and approved by the boards of both. Execution ofthis private placing, totalling NOK 800 million, is proposed to beachieved by issuing 18,735,363 new equity certificates at asubscription price of NOK 42.55.Part 2: Public rights issueA public rights issue to existing owners of approx. NOK 330 million.A guarantee consortium has been set up to ensure full subscription ofthis offering. The subscription price and general conditions willcomply with normal practice for rights issues and the price will beset just before the bank's Supervisory Board meeting.Part 3: Private placing to Gjensidige Forsikring BAA private placing to Gjensidige Forsikring BA of approx. NOK 70million. This issue will be executed on the same conditions as thepublic rights issue described under part 2. The transaction isdesigned to maintain Gjensidige Forsikring BA's shareholding due tothe rights issue.Part 4: Private placing to employeesThe bank's board believes it is important to ensure that the bank'semployees and management focus strongly on value-creation and ownerinterests. The bank has a long tradition of strong ownership amongits employees which is why it has decided to propose a privateplacing of up to NOK 75,000 per employee. This is equivalent to totalcapital of up to NOK 90 million. The subscription price andconditions in general will be in line with parts 2 and 3.The above issues will be executed in parallel. Parts 2 and 4 will beexecuted without regard to the conditions in parts 1 and 2.It is expected that the ongoing process will be in accordance withthe following schedule:Supervisory Board considers issueproposal 20 OctoberSubscription price and final conditions for rights issuesand private placing to employeesdetermined 20 OctoberFirst listing day, excluding subscriptionrights 21 OctoberPublication of the bank's accounts forQ3 23 OctoberPublication ofprospectus27 OctoberPublic subscription period - listed subscriptionrights 28.10 to 11.11Allocation, letters sent with allocationresult 17 NovemberPayment of allocated equitycertificates 20 NovemberFirst Securities AS and SpareBank 1 SR-Markets have been retained tomanage the issues.Contact persons:SpareBank 1 SR-Bank:CEO Terje Vareberg, tel.: +47 911 00448Chief Financial Officer Erling ÿverland, tel.: +47 915 56542Group Communications Director, Thor-Christian Haugland, tel. +47 48031633Gjensidige Forsikring BA:Deputy CEO Tor Magne Lønnum, tel. +47 971 64830Information Director ÿystein Thoresen, tel. +47 952 33382This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 25.09.2009 - 08:31 Uhr
Sprache: Deutsch
News-ID 6232
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