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Vienna Insurance Group

euro adhoc: Vienna Insurance Group
Capital measures
Vienna Insurance Group to issue up to 23 million new shares via a capital increase for further growth in CEE as well as for financing the acquisition of Erste Bank's Insurance Operations ...

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
20.04.2008
Not for distribution in the United States, Canada, Japan and 
Australia.
Please note: this is a translation; only the German version of this 
release is legally binding
Wiener Städtische Versicherung AG Vienna Insurance Group ("Vienna 
Insurance Group") intends to launch a capital increase of up to 23 
million new shares to fund the recently announced acquisition of the 
insurance operations of Erste Bank der oesterreichischen Sparkassen 
AG ("Erste Bank") including the long-term mutual distribution 
partnership with Erste Bank. The capital increase will enable Vienna 
Insurance Group to expand in the dynamic growth markets in the CEE 
region and, especially, to finance further acquisitions in Poland, 
the Ukraine and Hungary. The financing has been designed to maintain 
the strong capitalisation and financial position of Vienna Insurance 
Group following the transaction.
Capital increase
The Managing Board of Wiener Städtische Versicherung AG Vienna 
Insurance Group, with the approval of the Supervisory Board, has 
resolved to increase the share capital of Vienna Insurance Group from
105,000,000 shares to up to 128,000,000 shares through the issuance 
of up to 23,000,000 new shares.
Existing shareholders are granted subscription rights at a ratio of 3
new shares for every 14 existing shares, which may be exercised 
during the subscription period, which commences on 22 April 2008 and 
is expected to end on 7 May 2008. Subscription rights not exercised 
by the end of the subscription period will expire. The maximum price 
was set at EUR 54.00 per new share. The final subscription and offer 
price will be determined in a book-building process, based on the 
share price on the Vienna Stock Exchange at the time of pricing and 
announced on or around 7 May 2008.
Wiener Städtische Wechselseitige 
Versicherungsanstalt-Vermögensverwaltung, the main shareholder of 
Vienna Insurance Group with a shareholding of about 70 percent, has 
committed to exercise subscription rights with respect to 16 million 
new shares or approx. 70 percent of the rights offering volume.
If and to the extent any of the new shares are not subscribed for in 
the rights offering, such remaining offer shares will be offered in a
global offering consisting of a public offering to retail and 
institutional investors in Austria and the Czech Republic and private
placements to institutional investors internationally. The offer 
period commences on 22 April 2008, and is expected to end on or about
7 May 2008, but may be shortened, extended or terminated at any time.
The offer also provides for a greenshoe option of up to 1,000,000 
additional shares granted by the Wiener Städtische Wechselseitige 
Versicherungsanstalt- Vermögensverwaltung to the extent required to 
cover potential over-allotments.
Austrian and Czech retail investors will be entitled to a 
preferential allocation of up to 350 shares, if they place their 
purchase order with Erste Bank, an Austrian savings bank (Sparkasse),
ecetra Central European e-Finance AG (brokerjet.at), Ceská 
Sporitelna, a.s. and brokerjet Ceské sporitelny, a.s. (brokerjet.cz).
Eligible employees can order up to 1,000,000 shares - up to 250 
shares per employee - at a discount of 20 percent to the subscription
and offer price.
The new shares carry full dividend rights as from the fiscal year 
2008. Trading in the new shares in the Prime Market segment of the 
Vienna Stock Exchange and on the Prague Stock Exchange is expected to
commence on or about 9 May 2008. The prospectus for the public 
offering in Austria and the Czech Republic is still subject to 
approval by the Austrian Financial Market Authority.
Basic figures and data of the transaction:
Issuer: Wiener Städtische Versicherung AG Vienna Insurance Group 
Issuance volume: Up to 23,000,000 new shares Subscription ratio: 14 
existing shares grant the right to subscribe to 3 new shares Rights 
trading: No rights trading is expected Subscription and offering 
period: 22 April to 7 May 2008. The right to terminate or extend the 
offering period prematurely is reserved Maximum subscription and 
offer price: EUR 54.00 per share Subscription and offer price: 
Expected to be published on or around 7 May 2008 Preferential 
allotment for retail investors: Orders from retail investors for up 
to 350 shares which are placed with Erste Bank der oesterreichischen 
Sparkassen AG, an Austrian savings bank (Sparkasse), ecetra Central 
European e- Finance AG (brokerjet.at), Ceská Sporitelna, a.s. and 
brokerjet Ceské sporitelny, a.s. (brokerjet.cz), will be entitled to 
a preferential allocation First listing of the new shares: The new 
shares are expected to be listed on the Official Market of the Vienna
Stock Exchange (Prime Market segment) and on the Main Market of the 
Prague Stock Exchange from 9 May 2008 onwards Dividend entitlement of
the new shares: As from 1 January 2008 (ISIN AT0000908504) Payment 
and Delivery: 13 May 2008
Disclaimer
This information constitutes neither an offer to sell nor a 
solicitation to  buy any securities of Wiener  Städtische  
Versicherung  AG  Vienna  Insurance  Group ("VIG"). A public offer 
would only be made in Austria or in the  Czech  Republic after 
publication of a prospectus prepared in accordance with the 
provisions  of the  Austrian  Capital  Market  Act  or  the  Czech  
Capital  Markets  Act.  Any securities orders received prior to the 
commencement of a public offer  will  be rejected. If a public offer 
is made in Austria  or  in  the  Czech  Republic,  a prospectus 
prepared in accordance with the Austrian Capital Market  Act  or  the
Czech Capital Markets Act will be  published  and  will  be  available  free  of
charge (i) at the seat of Wiener Städtische  Versicherung  AG  Vienna  Insurance
Group, Schottenring 30, 1010 Vienna, during usual business hours, and,  (ii)  in
case of the offering in the Czech Republic, the  prospectus  will  be  available
also      on      Vienna      Insurance       Group's       internet       pages
http://www.viennainsurancegroup.com  and  on  internet  pages  of  participating
securities brokers.
This release and the information contained herein are not  for  
distribution  in or into the United States of  America  and  must  
not  be  distributed  to  U.S. persons (as defined in Regulation S of
the  U.S.  Securities  Act  of  1933,  as amended ("Securities Act"))
or to publications with  a  general  circulation  in the United 
States. This press release does not constitute an offer to sell or  a
solicitation of an offer to purchase any securities in the  United  
States.  The securities of Vienna Insurance Group have not been and 
will  not  be  registered under the Securities Act and may not be 
offered, sold or  delivered  within  the United States or to U.S. 
persons absent  registration  under  or  an  applicable exemption 
from the registration requirements of the Securities Act.  There  
will be no public offer of  securities  of  Vienna  Insurance  Group 
in  the  United States.
This release is directed only to persons (i) who are outside the 
United  Kingdom or (ii) who have professional experience  in  matters
relating  to  investments falling within Article 19(5) of the 
Financial  Services  and  Markets  Act  2000 (Financial Promotion) 
Order 2001 (as amended) (the "Order") or  (iii)  who  fall within 
Article 49(2)(a)  to  (d)  ("high  net  worth  companies,  
unincorporated associations, etc.") of the Order (all such persons 
together being  referred  to as "Relevant Persons"). Any person who 
is not a Relevant Person must not act  or rely on this communication 
or any of its contents. Any investment or  investment activity to 
which this communication  relates  is  available  only  to  relevant 
persons and will be engaged in only with Relevant Persons.
end of announcement                               euro adhoc

Further inquiry note:

Mag. Barbara Hagen-Grötschnig
Unternehmenskommunikation
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
A-1010 Wien, Schottenring 30
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: b.hagen@staedtische.co.at

Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: WBI, ATX Prime, ATX
Börsen: Prague Stock Exchange / stock market
Wiener Börse AG / official market

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