Van der Moolen Announces the Acquisition of Robbins & Henderson and the Sale of 123,646 NYSE Shares
July 26 2007 - 1:25AM
Business Wire
Van der Moolen Holding NV (NYSE:VDM) (Amsterdam:VDMN) is pleased to
announce an agreement in principle to acquire a 100% interest in
Robbins & Henderson LLC (R & H), a US based institutional
broker. R & H offers a wide variety of brokerage services
through an experienced team of industry professionals. Gross
revenue in 2006 was $ 6.4 million. The acquisition will be subject
to regulatory consent. The acquisition price is based on the
earnings of R&H for the years 2006, 2007 and 2008. For 2006 the
price amounts $ 2 million. The acquisition price for 2007 and 2008
respectively will be the net profit for the year multiplied by
factor 4.5 for 2007 and factor 4 for 2008. R&H will be included
in the VDM figures as of third quarter 2007 earnings. Richard den
Drijver, CEO of VDM: �This acquisition marks the start of a
brokerage division for VDM in the US. This will bring us closer to
achieving our goal to become a Global Securities Firm in 3 time
zones acting as a liquidity provider, a broker and an investor and
developer of exchanges. With R&H we can now offer professional
services to our broker clients in the US.� Tom Hearden, CEO of R
& H: �Together, VDM and R & H will provide a suite of
products and services that will enable our customers to be
competitive in a global arena. Additionally, this will enhance our
ability to recruit experienced investment professionals thereby
accelerating the growth of this effort.� VDM furthermore announces
that it has sold 123,646 NYSE shares in July 2007 at an average
price of $ 74.36. The remaining number of shares VDM owns is
175,476. Van der Moolen trades on the leading US and European
equity, option and fixed income exchanges. The group trades in open
outcry and electronic markets in several time zones. On the NYSE,
Van der Moolen currently has a market share of nearly 11% of
transaction volume for which it acts as specialist. Van der
Moolen's traders worldwide execute an average of 100,000 trades a
day. Turnover and price volatility are the most important factors
influencing its results. Van der Moolen's shares are listed on
Euronext Amsterdam (VDMN.AS). American Depositary Receipts (ADRs)
representing Van der Moolen shares are listed on the NYSE (VDM).
Disclaimer: This press release contains forward-looking statements
within the meaning of, and which have been made pursuant to, the
Private Securities Litigation Reform Act of 1995. All statements
regarding our future financial condition, results of operations and
business strategy, plans and objectives are forward-looking.
Statements containing the words �anticipate,� �believe,� �intend,�
�estimate,� �expect,� �hope,� and words of similar meaning are
forward-looking. In particular, the following are forward-looking
in nature: statements with regard to strategy and management
objectives; pending or potential acquisitions; pending or potential
litigation and government investigations, including litigation and
investigations concerning specialist trading in the U.S.; future
revenue sources; the effects of changes or prospective changes in
the regulation or structure of the securities exchanges on which
our subsidiaries operate; and trends in results, performance,
achievements or conditions in the markets in which we operate.
These forward-looking statements involve risks, uncertainties and
other factors, some of which are beyond our control, which may
cause our results, performance, achievements or conditions in the
markets in which we operate to differ, possibly materially, from
those expressed or implied in these forward-looking statements. We
describe certain important factors to consider in connection with
these forward-looking statements under �Key Information � Risk
Factors� and elsewhere in our annual filing with the U.S.
Securities and Exchange Commission on Form 20-F 2005. We caution
you not to place undue reliance on these forward-looking
statements, which reflect our management�s view only as of the date
of this Report. We have no obligation to update these
forward-looking statements.
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