DEPFA BANK plc / Miscellaneous
30.03.2009
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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THE FOLLOWING IS EXTRACTED TEXT FROM TWO AD HOC ANNOUNCEMENTS MADE BY HYPO
REAL ESTATE HOLDING AG (PARENT COMPANY OF THE DEPFA BANK PLC GROUP) ON 28
MARCH 2009: [Translated from German]
'Frankfurt/Munich, 28 March 2009: The German Financial Markets
Stabilisation
Fund (SoFFin) intends to take action to stabilise Hypo Real Estate Group,
in the interest of stabilising the financial markets; specifically, SoFFin
will implement measures to achieve a sufficient recapitalisation of Hypo
Real Estate Holding AG, and will extend further guarantees. This was
confirmed today by SoFFin in a declaration of intent issued to Hypo Real
Estate Holding AG and Hypo Real Estate Bank AG.
It is a prerequisite for the intended recapitalisation of Hypo Real Estate
Group by SoFFin that either SoFFin or the German government gain full
control over Hypo Real Estate Holding AG. To this end is intended to make
use of the options that will be provided by the German Financial Markets
Stabilization Amendment Act, which is currently being discussed in the
legislative process.
As a first step to recapitalise Hypo Real Estate Group, SoFFin has
committed itself to acquiring 20 million Hypo Real Estate shares to be
issued under authorised capital, at the minimum price prescribed by law of
EUR 3.00 per share, to the exclusion of shareholders' pre-emptive rights.
New shares must be issued at least at the minimum issue price, which
amounts to EUR 3.00 per share for Hypo Real Estate Holding AG. The entire
issue amount of EUR 60 million thus payable by SoFFin will be made
available to Hypo Real Estate Holding AG, not to the existing shareholders.
SoFFin will thus acquire a stake of approx. 8.7 per cent in Hypo Real
Estate Holding AG.
The Management Boards of Hypo Real Estate Holding AG and of Hypo Real
Estate Bank AG have undertaken, with the approval of their respective
Supervisory Boards, to SoFFin to take the necessary steps to implement the
recapitalisation.
This declaration of intent issued by the SoFFin enables the management
boards of the companies in the Hypo Real Estate Group to make a positive
going-concern assumption and to prepare the consolidated financial
statements for 2008 on this basis. Hypo Real Estate Holding AG published
the key figures for financial 2008 on 28 March 2009 (before audit by the
auditor). Accordingly, the pre-tax loss is EUR 5.375 billion, compared with
a pre-tax profit of EUR 862 million in the previous year (all figures for
2007 on a pro-forma basis, incl. DEPFA Bank plc and its subsidiaries
(DEPFA)). The net income is reported as EUR -5.461 billion. This result
very much reflects the difficult situation on the capital and financing
markets.
The loss is partially attributable to impairments on goodwill and
intangible assets resulting from the first consolidation of DEPFA totalling
EUR 2.482 billion. The situation was exacerbated by numerous special
effects and one-off effects.
For at least the next two years a loss situation can be anticipated. The
medium-term strategic prospects are considered positive.
The Board of Directors of DEPFA BANK plc has decided that tier 1
instruments guaranteed by DEPFA BANK plc and upper tier 2 instruments of
DEPFA BANK plc will not be serviced in 2009.'
Contact: Karen Conway at karen.conway@depfa.com or +353 (1) 792 2009; or
Andrew Cree at andrew.cree@depfa.com or +353 (1) 792 2411.
Issued on behalf of the following related entities in respect of their
listed bonds:
DEPFA BANK plc
DEPFA ACS BANK
DEPFA Funding III LP
DGAP 30.03.2009
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Language: English
Issuer: DEPFA BANK plc
1, Commons Street
Dublin 1
Irland
Phone: +49 (0)69 92882 275
Fax: +49 (0)69 92882 107
E-mail: info@depfa.com
Internet: www.depfa.com
ISIN: DE000A0AUJ90
WKN: A0AUJ9
Listed: Regulierter Markt in Frankfurt (General Standard)
End of News DGAP News-Service
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DGAP-Adhoc: DEPFA BANK plc
| Source: EQS Group AG