ING sets date for converting depositary receipts into ordinary shares
July 13 2016 - 1:31AM
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)
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at SlideShare.
Press enquiries |
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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 |
|
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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
http://hugin.info/130668/R/2028243/753940.pdf
HUG#2028243
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