VastNed Retail has issued 325,000 shares at EUR 46.00 to one institutional investor. The issue price was 2% above the average closing price of the last 20 days of trading. The issue concerns ordinary shares that are entitled to dividend payment as from the 2003 financial year.
The proceeds of this private placement will be used for additional investments
and will result initially in an improvement of the solvency ratio. The transaction
was concluded through mediation of Petercam Bank N.V.