, November 18, 2010

Ordina N.V. issues 295,461 shares


  • Ordina N.V. has recently made the third interest payment on the subordinated loan contracted in 2009 via a payment in cash.
  • As announced during its Trading Update on 11 November 2010, Ordina N.V. has decided to issue 295,461 new ordinary shares under the existing underwriting agreement. The share issue represents a total value of approximately EUR 0.9 million and corresponds with about 0.59% of the present share capital outstanding.
  • The new ordinary shares will be issued as per 19 November 2010 at a price of EUR 2.92 per share.
  • The shares will be acquired by ING Corporate Investments, Delta Lloyd and NIBC.

About the share issue

As part of renewing its financing facilities, Ordina N.V. contracted a subordinated loan in 2009. It also concluded a separate underwriting agreement with ING Corporate Investments, Delta Lloyd and NIBC under which Ordina, at its discretion, has the option to issue shares to these companies – proportionate to their participation in the subordinated loan – at the then prevailing share price subject to a 6% discount. Ordina N.V. is free to use the proceeds of such share issues how it sees fit, amongst which to offset the cash-out effect of the interest and repayment obligations.

Ordina N.V. will retain the proceeds from the share issue, thereby offsetting the cash-out effect of the third interest payment on the subordinated loan. This provides Ordina with all the flexibility it needs to be able to grasp investment opportunities in the market as they present themselves.