Rabobank sells its 9.74% stake in Van Lanschot Kempen
12 September 2017
Rabobank has sold its stake in Van Lanschot Kempen. Yesterday Rabobank launched an accelerated bookbuild offering to institutional investors to sell 4,009,714 shares, representing 9.74% of the outstanding share capital of Van Lanschot Kempen. The shares were successfully sold at a price of EUR 25.10, which represents a discount of 4.6% to yesterday’s closing share price of EUR 26.30.
Rabobank came in the possession of the stake in Van Lanschot Kempen as part of the acquisition of Friesland Bank in 2012. Rabobank stepped in to guarantee the continued operation of the business activities of Friesland Bank and support the stability of the Dutch economy and financial markets. In October last year, Rabobank sold a 2.3% stake in a privately negotiated transaction to benefit from a more favourable regulatory capital treatment of its investment in Van Lanschot Kempen.
Over the last year Van Lanschot Kempen has successfully executed its strategic agenda, which has been rewarded by the financial markets with a sharp rise in its share price. The sale of the stake is in line with Rabobank’s strategy to optimise the balance sheet, partly through the sale of non-core assets.
Rabobank, in cooperation with its equity distribution partner Kepler Cheuvreux, together with UBS Limited acted as Global Coordinators on this transaction.
This press release is not for distribution, directly or indirectly in or into the United States. This press release is not an offer to sell shares in Van Lanschot Kempen or the solicitation of any offer to buy such shares, nor shall there be any offer of such shares in any jurisdiction in which such offer or sale would be unlawful.The shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Any sale in the United States of the shares mentioned in this press release will be made solely to ‘qualified institutional buyers’ as defined in Rule 144A under the Securities Act.
This press release and the offering are only addressed to, and directed in Member States of the European Economic Area (the “EEA”) at persons who are “Qualified Investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (“Qualified Investors”). For these purposes, the expression “Prospectus Directive” means Directive 2003/71/EC, as amended.
In addition, in the United Kingdom this press release is being distributed only to, and is directed only at, Qualified Investors (i) 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 2005, as amended (the “Order”) and qualified investors falling within Article 49(2)(a) to (d) of the Order, and (ii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as “Relevant Persons”).
This press release must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant Persons in the United Kingdom, and (ii) in any Member State of the EEA other than the United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this press release relates is available only to (a) Relevant Persons in the United Kingdom and will be engaged in only with Relevant Persons in the United Kingdom and (b) Qualified Investors in member states of the EEA (other than the United Kingdom).
Each prospective investor should proceed on the assumption that it must bear the economic risk of an investment in shares in Van Lanschot Kempen. None of Van Lanschot Kempen or any of the banks involved with the offering make any representation as to (i) the suitability of the shares for any particular investor, (ii) the appropriate accounting treatment and potential tax consequences of investing in the shares or (iii) the future performance of the shares either in absolute terms or relative to competing investments.