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VP Bank: fixed-price share repurchase

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VP Bank Ltd is carrying out a repurchase of own bearer and registered shares within the framework of a public fixed-price offer. The repurchase period will run from 22 June to 3 July 2015. The repurchased shares are to be used for future acquisitions or for treasury management purposes.

At the annual general meeting of shareholders of 24 April 2015, the shareholders authorised the Board of Directors to acquire own bearer and registered shares up to a maximum of 10% of the share capital by 22 April 2020. The Board of Directors has decided to make use of this authorisation and acquire by means of this fixed-price offer up to a maximum of 5% of the share capital under the following conditions:

 

Bearer shares

Within the framework of the offer, VP Bank is prepared to acquire up to a maximum 300,750 bearer shares with a nominal value of CHF 10.00 (4.55% of the capital or 2.50% of the voting rights) at a price of CHF 84.00 per share. This offer price equates to a premium of 5.7% compared to the volume-weighted average price (VWAP) over the current month. Should the number of bearer shares tendered for repurchase exceed the offer, the bearer shares subject to the offer will be reduced proportionately.

The fixed-price repurchase offer will run from 22 June to 3 July 2015 (4.00 p.m.). VP Bank has engaged Zürcher Kantonalbank to carry out the repurchasing of the listed bearer shares.

 

Registered shares

The offer for non-listed registered shares will be carried out contemporaneously by VP Bank itself. VP Bank is prepared to acquire up to a maximum 300,208 registered shares with a nominal value of CHF 1.00 (0.45% of the capital or 2.50% of the voting rights) at a par-value-adjusted price compared to the bearer share of
CHF 8.40 per share. Should the number of registered shares tendered for repurchase exceed the offer, the registered shares subject to the offer will be reduced proportionately. The repurchase offer for registered shares will also run from 22 June to 3 July 2015 (4.00 p.m.).

 

Tendering

Shareholders wishing to participate in the repurchase offer are requested to proceed according to the instructions of their custodian bank. Tendered shares will be blocked by the custodian bank concerned and will no longer be tradable. Holders of registered shares will be contacted directly by VP Bank.

As the shares will not be cancelled, both capital structure and voting rights will remain the same. Further information concerning the fixed-price offer will be published in the print media in Switzerland and the Principality of Liechtenstein and is also available on the website at www.vpbank.com/sharebuyback.