ING sets date for converting depositary receipts into ordinary shares
July 13 2016 - 2:28AM
ING announced today that the conversion of ING
Groep N.V. depositary receipts for shares into ING Groep N.V.
ordinary shares will take place on 26 July 2016. On that date
investors will automatically receive one share in exchange for each
depositary receipt that they own, free of charge. ING announced its
proposal to abolish the depositary receipts structure on 10 March
2016. The conversion is the final step in abolishing the existing
depositary receipt structure, following the majority vote in favour
of agenda item 5A at ING's annual General Meeting (AGM) on 25 April
2016. The related changes to the Articles of Association -
including the reduction of the nominal value of the shares from EUR
0.24 to EUR 0.01 - as adopted by the AGM will also be implemented
on 26 July 2016.
The conversion of the depositary receipts will not
lead to any interruption of trading in ING securities. The last day
ING depositary receipts will be traded is 21 July 2016. In
accordance with the applicable settlement rules these transactions
will be settled on 25 July 2016. As of 22 July 2016, trading in
ordinary shares will commence, with transactions settling on 26
July 2016. On that date, the automatic conversion will be
implemented. ING will retain its Euronext ticker symbol, "INGA",
except for 21 July when the ticker symbol for the depositary
receipts will be INGAT for technical reasons. ING's ISIN code will
change on 26 July 2016 to NL0011821202.
After the conversion, ING's American Depositary
Receipts (ADRs), which are traded on the New York Stock Exchange,
will automatically link to the underlying shares. Holders of ADRs
do not have to take any action, and the conversion of the
depositary receipts will not lead to any interruption of trading in
the ADRs which will retain their existing security identifiers.
For those investors who already hold registered
shares, there will be no change to their position.
Following the conversion of the depositary
receipts into ordinary shares, the process to abolish ING's
depositary receipt structure will have been completed, thereby
simplifying ING's corporate governance structure.
Note for editors
For further information on ING, please visit
www.ing.com. Frequent news updates can be found in the Newsroom or
via the @ING_news Twitter feed. Photos of ING operations, buildings
and its executives are available for download at Flickr. Footage
(B-roll) of ING is available via videobankonline.com, or can be
requested by emailing info@videobankonline.com. ING presentations
are available at SlideShare.
Press
enquiries |
|
Investor
enquiries |
Carolien van der Giessen |
|
ING Group Investor Relations |
+31 20 576 6386 |
|
+31 20 576 6396 |
Carolien.van.der.Giessen@ing.com |
|
Investor.Relations@ing.com |
|
|
|
ING Profile
ING is a global financial institution with a
strong European base, offering banking services through its
operating company ING Bank. The purpose of ING Bank is empowering
people to stay a step ahead in life and in business. ING Bank's
more than 52,000 employees offer retail and wholesale banking
services to customers in over 40 countries.
ING Group shares are listed (in the form of
depositary receipts) on the exchanges of Amsterdam (INGA NA,
ING.AS), Brussels and on the New York Stock Exchange (ADRs: ING US,
ING.N).
Sustainability forms an integral part of ING's
corporate strategy, which is evidenced by ING Group shares being
included in the FTSE4Good index and in the Dow Jones
Sustainability Index (Europe and World) where ING is among the
leaders in the Banks industry group.
Important legal information
Elements of this press release contain or may contain information
about ING Groep N.V. and/ or ING Bank N.V. within the meaning of
Article 7(1) to (4) of EU Regulation No 596/2014.
Certain of the statements contained herein are not historical
facts, including, without limitation, certain statements made of
future expectations and other forward-looking statements that are
based on management's current views and assumptions and involve
known and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those
expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such
statements due to, without limitation: (1) changes in general
economic conditions, in particular economic conditions in ING's
core markets, (2) changes in performance of financial markets,
including developing markets, (3) consequences of a potential
(partial) break-up of the euro, (4) changes in the availability of,
and costs associated with, sources of liquidity such as interbank
funding, as well as conditions in the credit markets generally,
including changes in borrower and counterparty creditworthiness,
(5) changes affecting interest rate levels, (6) changes affecting
currency exchange rates, (7) changes in investor and customer
behaviour, (8) changes in general competitive factors, (9) changes
in laws and regulations, (10) changes in the policies of
governments and/or regulatory authorities, (11) conclusions with
regard to purchase accounting assumptions and methodologies, (12)
changes in ownership that could affect the future availability to
us of net operating loss, net capital and built-in loss carry
forwards, (13) changes in credit ratings, (14) ING's ability to
achieve projected operational synergies and (15) the other risks
and uncertainties detailed in the most recent annual report of ING
Groep N.V. (including the Risk Factors contained therein) and ING's
more recent disclosures, including press releases, which are
available on www.ING.com. Any forward-looking statements made by or
on behalf of ING speak only as of the date they are made, and, ING
assumes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information
or for any other reason.
This document does not constitute an offer to sell, or a
solicitation of an offer to purchase, any securities in the United
States or any other jurisdiction. |
pdf version of press
release
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ING Group via Globenewswire
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