Nieuwe Steen Investments (NSI) has sold its 4.99% stake in VastNed Offices/Industrial NV (VastNed O/I).
NSI acquired a 4.99% stake in VastNed O/I in the second half of 2010. The purpose of this stake was to emphasis NSI's belief in the merits of a merger with VastNed O/I as announced on December 12, 2010 and to support the discussions with VastNed O/I.
Now that the merger between NSI and VastNed O/I is expected to take place in the near future - the most important remaining condition is the approval of NSI's shareholders which will be voted upon in the Extraordinary General Meeting of Shareholders of October 7, 2011 - the use of this stake has become redundant.
The reason to sell the stake before the merger becomes effective is to prevent that these shares will qualify as treasury shares and therefore must be deducted from NSI's equity. The stake had a positive contribution during the period it was held by NSI and was sold at a price markedly over VastNed O/I's closing share price of yesterday (October 5) and also above the implied exchange rate based upon NSI's closing share price of October 5.