EANS-Adhoc: immigon portfolioabbau ag Modification of an already disclosed
inside information pursuant to the Aus-trian Stock Exchange Act Hybrid capital
of ÖVAG Finance (Jersey) Limited (ISIN XS0201306288): possible higher redemption
value at ...
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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is solely responsible for the content of this announcement.
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other/Company Information
20.01.2017
On 5 July 2016 immigon portfolioabbau ag (formerly Österreichische
Volksbanken-Aktiengesellschaft; "immigon") disclosed as inside information that
a redemption val-ue of less than 30 % of the nominal value (instead of zero as
expected at the beginning of 2015) in respect of the Preferred Securities (ISIN
XS0201306288) issued by ÖVAG Finance (Jersey) Limited may be expected. The
redemption value of the Preferred Securities issued by ÖVAG Finance (Jersey)
Limited depends, inter alia, on the amount of the repayment under the
supplementary capital (Ergänzungskapital) issued by immigon and held by ÖVAG
Finance (Jersey) Limited, i.e. whether the total of the losses attributed to
such supplementary capital exceeds the total of the profits allocated to the
supplementary capital over the term of the supplementary capital; such net loss
needs to be deducted from the redemption amount (nominal value).
In the course of the preparation of the drawing up of the annual financial
statements of immigon as at 31 December 2016 immigon has reached the conclusion
that the outlook published ad hoc on 5 July 2016 needs to be revised due to
better results than expected in the wind down of immigon. At present, immigon's
wind-down plan shows that upon completion of the liquidation of immigon a
redemption value of the Preferred Securities of more than 30 % of the nominal
value can be expected. From today's perspective it is more likely than not that
the redemption value will be more than 50 % but significantly less than 100 % of
the nominal value. It is noted that the amount and the point in time of the
payment cannot be predicted more precisely at present, because the results of
the winddown and of the formal liquidation of immigon will have to be available.
Having said this, in the specific situation of immigon as winddown company there
are also scenarios conceivable resulting in a redemption value of up to 100 %,
but also of less than 50 %.
immigon is a wind-down company in accordance with the Federal Act on the
Recovery and Resolution of Banks (BaSAG) and is thus exposed to uncertainties
and risks in its winddown process, including risks related to the proceeds
achievable in the course of the sale of its assets, outstanding loans, higher
expenses and warranty claims.
Mandatory information pursuant to the Disclosure and Notification Regulation
(Veröffentlichungs- und Meldeverordnung - VMV):
The following issues of participation capital (Partizipationskapital) of immigon
are admitted to trading on a regulated market in a Member State of the European
Economic Area:
ISIN: XS0359924643 EUR 500.000.000 Perpetual Non Cumulative Participation
Capital Certificates (issued by Banque de Luxembourg as trustee)
The five exchange-listed bonds issued by immigon with the highest nominal volume
outstanding are:
ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462, AT000B059456
Securities issued by immigon are admitted to trading on the following stock
exchang-es:
Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
Regulated Market of Luxembourg Stock Exchange
Open market (Freiverkehr) of Berlin Stock Exchange
Open market (Freiverkehr) of Stuttgart Stock Exchange
Open Market (Freiverkehr) of Frankfurt Stock Exchange
Further inquiry note:
Thomas Heimhofer
immigon portfolioabbau ag
Mobil: +43 (0) 676 790 7890
Mail to: thomas.heimhofer@immigon.com
end of announcement euro adhoc
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issuer: immigon portfolioabbau ag
Peregringasse 2
A-1090 Wien
phone: +43 (0)1 313 40-0
mail: info@immigon.com
WWW: www.immigon.com
sector: Banking
ISIN: AT000B056544, AT000B053442, XS0275528627, AT000B060462,
AT000B115902
indexes:
stockmarkets: free trade: Berlin, Stuttgart, regulated dealing: Luxembourg Stock
Exchange, Regulated free trade: Wien
language: English