Spar Nord Bank A/S wants to strengthen its capital base and consequently plans to launch a rights issue that is expected to be fully underwritten by Carnegie Investment Bank AB and Danske Bank A/S, subject to customary terms and conditions. The gross proceeds are expected to amount to about DKK 850 million subject to price and subscription ratio, and the rights issue is therefore likely to contribute to lifting the Bank’s Common Equity (Tier 1) ratio to a level of 12.5%.
With due regard to market conditions and other factors, the rights issue is expected to be launched before the end of Q1 2012 at a discount consistent with market practice. Accordingly, an Extraordinary General Meeting is convened, to be held on 1 March 2012, with a view to asking shareholders to grant their authorization to the Board of Directors to increase the Bank’s share capital.
