Royal BAM Group has fixed the price of the issue of 3,000,000 new ordinary shares at EUR 13.75 per ordinary share. As set out in the preliminary prospectus, the issue price of the preferred depositary receipts has been fixed at EUR 21. The new ordinary-share issue has been oversubscribed.
ING Investment Banking has been granted an option to demand from Royal BAM Group the issuance of up to 450,000 additional new ordinary shares and can exercise this option up to 30 days after the date of payment and delivery. In addition, Royal BAM Group has also issued 7,857,143 convertible preferred depositary receipts and 1,666,667 non-convertible preferred depositary receipts.
The total gross proceeds of the issues will amount to EUR 241 million (excluding greenshoe). Royal BAM Group will use the net proceeds from the combined offering to repay in part the bridge loan, which was incurred to finance the acquisition of HBG.
The new ordinary shares and preferred depositary receipts will be allocated on 11 December 2002, while the payment for and delivery of the securities will take place on 16 December 2002. The depositary receipts will be traded on 'As If and When basis' until they are admitted to listing, on
16 December, 2002.
The initial dividend percentages on the convertible preferred depositary receipts and non-convertible preferred depositary receipts will be determined on 16 December 2002.
(source: Royal BAM Group)