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Leadership
ING places hefty discount on rights issue
27.11.2009
Dutch insurer ING has priced its rights issue in which it aims to raise 7.5bn at a hefty discount as its attempts to attract further shareholder investment to regain its independence after a state bailout.
The issue price of €4.74 per share represents a 37.4pc discount on the theoretical ex-rights price and a whopping 52.4pc discount on yesterday’s closing price of €8.916 per share.
Existing shareholders are being offered the opportunity to buy six new shares for every seven they hold.
The monies raised through the rights issue will be used to finance repayments of aid to the Dutch State, ING said.
“This rights issue is a critical component of the measures we announced to regain our independence and to chart a clear course forward,” said Jan Hommen (pictured), CEO of ING.
“With investors’ support, we will be able to repay half of the funds we received last year from the Dutch State and maintain our capital strength. The Dutch State has indicated it is open to discussing modification of the repayment terms of the second half of the Core Tier 1 Securities, which we plan to repay from potential divestment proceeds and retained earnings,” he added.
ING’s right issue is being fully underwritten by a syndicate of banks led by Goldman Sachs and JP Morgan.
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Irish Director is the definitive magazine for leaders and senior decision makers in Ireland. Produced in association more..
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Irish Director is Irelands leading senior management magazine. Designed for business leaders and decision makers across the island, it covers topics of specific relevance to Irelands senior directors.
Owner Manager is the latest title from the BusinessandLeadership.com stable. It focuses specifically on the needs of the business owner, offering both strategic and practical features and information related to running your own business.
Marketing Age is the definitive voice of the marketing industry in Ireland. Aimed at decision makers, marketing directors and industry professionals, it deals in-depth with marketing strategy, innovation and the world of new media.
Knowledge Ireland is a ground-breaking bi-monthly magazine from our sister brand siliconrepublic.com, unique in its exploration of strategy and innovation through people and technology.
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