Max Bank A/S – establishment of an increased solvency requirement and decision to wind up the Bank under the Danish Financial Business Act
- The Danish Financial Supervisory Authority (FSA) has demanded further write-downs for impairment and laid down an increased solvency requirement for the Bank, resulting in the Bank not being able to carry on its activities.
- The Bank has decided to inform the FSA that the Bank – if it is not able to procure the capital required or find another solution to its situation by the deadline set – will submit itself to winding-up under the Financial Business Act.
- Trading in shares and bonds issued by Max Bank A/S and admitted for trading and official listing on NASDAQ OMX Copenhagen will be suspended.
As part of the conclusion of its ordinary examination, the FSA assessed that it would be necessary to make further write-downs for impairment for which reason it has laid down an increased solvency requirement for the Bank.
Due to the identified need for further write-downs for impairment and the solvency requirement as laid down by the FSA, the Bank has informed the FSA that the Bank – if it is not able to procure the capital required or find another solution to its situation prior to the deadline of Sunday, 9 October 2011 at 6 pm set by the FSA – will submit itself to winding-up under the Financial Business Act.
In addition, the Bank has made a request to NASDAQ OMX Copenhagen for suspension of trading in any share or bond issued by the Bank and admitted for trading and official listing on NASDAQ OMX Copenhagen, including securities traded under the following ISIN codes:
Shares:
Name MAX
ISIN DK0010305903
Bonds:
ISIN DKK0030255278, ISIN DKK0030248067, ISIN DKK0030239314
ISIN DK0030237292, ISIN DK0030237029, ISIN DK00302444074
NASDAQ OMX Copenhagen has declared its intention to comply with this request for which reason trading in the above-mentioned securities on NASDAQ OMX Copenhagen will be suspended until further notice.
Once the Bank’s current situation has been clarified, a new stock exchange announcement will be published.
Yours faithfully
Max Bank A/S
Steen Sørensen Henrik Lund
Chairman of the Chief Executive Officer
Board of Directors
Contact: Henrik Lund, Chief Executive Officer
Stock exchange announcement no 14/2011
