The Danish Financial Supervisory Authority
NASDAQ OMX Copenhagen
London Stock Exchange
Oslo Børs
15 February 2012
Conversion price for state hybrid capital
By company announcement of 25 January 2012 Vestjysk Bank A/S requested the Danish State to make use of its right to convert 20 pct. of the state hybrid capital received by the Bank, corresponding to DKK 287.6 mill., with addition of any non-paid accrued interest to share capital in accordance with Agreement on State Hybrid Capital.
Under the Agreement on State Hybrid Capital the conversion price is determined as the market value of the Bank’s shares, to be determined in a valuation report prepared by a valuator appointed by FSR – Danish accountants (FSR – danske revisorer).
Today, the Bank has received the valuation report from the appointed valuator, who has fixed the conversion price at 209, corresponding to a price of DKK 20.90 per share of nominally DKK 10. The valuation report is attached to this company announcement.
The conversion price entails that the Danish State will receive a total of 14,177,995 new shares of nominally DKK 10, including 13,760,765 new shares of nominally DKK 10 by conversion of the principal of DKK 287.6 mill and 417,230 new shares of nominally DKK 10 by conversion of any non-paid accrued interest of approximately DKK 8.7 mill.
As a result of the conversion, the State will have an equity interest of 53.14 pct. of the Bank’s total share capital and voting rights. In addition, Finansiel Stabilitet A/S will after the conversion have an equity interest of 2.25 pct. of the Bank’s total share capital and voting rights.
The conversion is expected to be completed on 20 February 2012.
vestjyskBANK
Frank Kristensen
Chief Executive Officer
fk@vestjyskbank.dk
Vestjysk Bank A/S
Torvet 4-5
DK-7620 Lemvig
Denmark
Phone +45 96 63 20 00
CVR no. 34631328
www.vestjyskbank.dk
