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Erste Group has completed the first agreements with two SIFs by acquiring 6.23 per cent in BCR against cash and issuance of new shares

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Autor: Bancherul.ro
2011-11-28 10:54

In connection with the announcement published by Erste Group on 14 September 2011 regarding the transaction with the Romanian investment funds SIFs (Societatea de Investii Financiare) to acquire their stake in BCR, upon the completion of the first tranche of agreements with SIF Muntenia and SIF Banat-Crisana a total of 4,249,746 Erste Group shares were issued on 23 November 2011. As a result, the total number of Erste Group shares rose from 378,466,384 to 382,716,130, said the bank in a press release.

Details of the transaction with the two SIFs:
As part of the first tranche 2011 of the overall transaction, SIF Muntenia and SIF Banat-Crisana tendered a total of 543,790,492 BCR shares. A total of 4,249,746 new Erste Group shares were issued for these shares. 1 Erste Group share was issued for 127.9583 BCR shares.

Under this transaction SIF Muntenia acquired a 0.66% stake in Erste Group by exchanging its 2.99% stake in BCR for Erste Group shares: it received a total of 2,538,881 Erste Group shares for 324,871,000 BCR shares.

SIF Banat-Crisana acquired under the transaction 0.45% stake in Erste Group by exchanging its 2.63% stake in BCR for Erste Group shares and received a total of 1,710,865 Erste Group shares for 218,919,492 BCR shares. In addition, SIF Banat Crişana sold 66,089,077 BCR shares (0.61% stake in BCR) for a cash payment of RON 50.7 million to Erste Group.

Both SIFs can dispose of up to 25% of their Erste Group shares immediately after the acquisition. After 6, 12 and 18 months they can sell an additional 25% each of their Erste Group shares.

New Erste Group shares have been registered in the companies register at the Vienna Commercial Court on 23 November 2011. Trading in the new shares will start on 28 November 2011 in Vienna, Prague and Bucharest. The new shares have dividend rights for the financial year 2011.

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