EANS-Adhoc: immigon portfolioabbau ag Modification of an already disclosed
ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz -
BörseG) Hybrid capital of ÖVAG Finance (Jersey) Limited (ISIN XS0201306288):
possible positive ...
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ad-hoc disclosure 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
05.07.2016
Ad-hoc-release pursuant to the Austrian Stock Exchange Act (Börsegesetz -
BörseG) / Modification of an already disclosed ad-hoc release pursuant to the
Austrian Stock Exchange Act (Börsegesetz - BörseG) / Hybrid capital of ÖVAG
Finance (Jersey) Limited (ISIN XS0201306288): possible positive redemption value
at the final redemption date (5 July 2016)
On 14 January 2015 and on basis of the then prevailing situation of assets and
liabilities and earnings of Österreichische Volksbanken-Aktiengesellschaft (now:
immigon portfolioabbau ag; "immigon") ÖVAG Finance (Jersey) Limited published an
ad hoc release (this ad hoc release was also published by immigon) that ÖVAG
Finance (Jersey) Limited expects a redemption value of zero in respect of the
Preferred Securities issued by ÖVAG Finance (Jersey) Limited (ISIN
XS0201306288).
The basis for this expectation was that the losses attributed to the
supplementary capital (Ergänzungskapital) issued by (now:) immigon and
subscribed for by ÖVAG Finance (Jersey) Limited would be that high that the
total of nominal value plus profits attributed to the instrument and less losses
attributed to the instrument would result in a (maximum) amount of zero. The
amount of the losses to be attributed to the instrument was that high for the
foreseeable future that those losses could not be covered any more even by
considering the perpetual nature of the instrument.
In the course of the drawing up of the interim accounts of immigon as at 30 June
2016 (and the preparation of the interim report of immigon for the 2nd quarter
of 2016) immigon has reached the conclusion that the above forecast needs to be
revised due to changed circumstances (i.e. better results of immigon in its
wind-down than expected). At present, immigon's wind-down plan shows that it is
more likely than not that immigon will generate a liquidation surplus and that
immigon will be able to make a repayment on the supplementary capital
(Ergänzungskapital) issued by it and subscribed for by ÖVAG Finance (Jersey)
Limited out of immigon's liquidation proceeds. In such case ÖVAG Finance
(Jersey) will be able to generate a positive redemption value in respect of the
Preferred Securities issued by it. The amount and the point in time of the
payment cannot be predicted at present because the results of the wind-down and
of the formal liquidation of immigon will have to be available; according to
immigon's present business plan a positive amount can be expected, however of
less than 30 percent of the nominal value of the supplementary capital
(Ergänzungskapital) and also of the Preferred Securities.
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 wind-down 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
Cer-tificates (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
AT0000322458
Securities issued by immigon are admitted to trading on the following stock
exchang-es:
Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
Amtlicher Handel 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