The offer of 50,000 B shares of Amsterdam Exchanges was over-subscribed and the shares are being placed with institutional investors and issuing institutions at fl 3,100 per share.
The share placing exercise is the result of the merger between The Amsterdam Exchanges NV, The EOE-Optiebeurs and the depository Necigef to form Amsterdam Exchanges.
The aim has been to achieve a wide ownership of the shares of Amsterdam Exchanges and to establish a market price for these shares. The share capital is dividend into 50,000 A shares and 50,000 B shares and all the A shares are being allocated to former members of the two Exchanges. The placing of the B shares was intended for institutional investors and issuing houses, but subscription to these B shares was also open to former members of both Exchanges. This process was arranged in order to establish a benchmark price for the shares and to give former members the opportunity to participate in the subscription for the B shares if the benchmark price was not achieved. A combined subscription by former members for at least 15,000 b shares was needed in order to establish the benchmark price.
In the event total offers were received in respect of over 150,000 B shares, over three times the number of B shares on offer and subscriptions by former members alone, exceeded the 50,000 B shares available. However the striking price of fl 3,100 per share was above the members benchmark price. As a result B shares will only be allocated to the institutional investors and issuing institutions. However, whilst the number of institutions and of issuing houses are the same, more shares were allocated to the investment institutions.
ABN AMRO Hoare Govett, at the request of Amsterdam Exchanges, will for several weeks act as an intermediary between buyers and sellers of Amsterdam Exchange shares.
For further information, please contact:
Lex van Drooge, Amsterdam Exchanges AEX Tel: +31 20 550 4540
Paddy Manning, St. James Corporate Communications Tel: 0171 436 4101
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