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Danish State to Reach 65.96% Ownership in Vestjysk Bank A/S as Result of Conversion of Government Hybrid Core Capital


Tuesday, 15 Oct 2013 12:32pm EDT 

Vestjysk Bank A/S announced that the Bank has received a valuation report from the appointed valuator, who has fixed the conversion price for government hybrid core capital at DKK 13.71 per share of nominally DKK 1. Vestjysk Bank communicated that it had applied the Danish State for exercise of the Bank’s right to convert government hybrid core capital of DKK 323.150.000 in total with addition of any non-paid accrued interest to share capital on September 24, 2013. The conversion price entails that the Danish State will receive 24,692,813 new shares of nominally DKK 1, including 23,570,387 new shares of nominally DKK 1 by conversion of the principal of DKK 323,150,000 and 1,122,426 new shares of nominally DKK 1 by conversion of any non-paid accrued interest of approximately DKK 15.4 million, at the time of completion of the conversion. As a result of the conversion, the Danish State will own 65.96% of the Bank’s total share capital and voting rights. In addition, Finansiel Stabilitet A/S, which is owned by the Danish State, will after the conversion own 1.50% of the Bank’s total share capital and voting rights. The conversion is expected to be completed on October 22, 2013, after which the new shares are expected to be admitted to trading on October 23, 2013. 

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