Ad hoc

VP Bank: second fixed-price share repurchase successfully completed

  ·   Ad hoc announcement pursuant to Art. 53 LR
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The repurchase of own bearer and registered shares within the framework of a second public fixed-price offer of VP Bank, announced on 13 October 2015, was successfully completed today. 298,442 bearer shares and 10,200 registered shares had been repurchased by VP Bank. Following completion of the repurchase, VP Bank now holds a total of 9.28 per cent of the outstanding share capital and 6.05 per cent of the voting rights.

On 13 October 2015, VP Bank announced that the Board of Directors had once again decided to make use of the authorisation to carry out the repurchase of own bearer and registered shares granted by the shareholders at the annual general meeting of 24 April 2015, and to acquire by means of a second fixed-price offer

  • a maximum of a further 298,442 bearer shares with a nominal value of CHF 10.00 (equivalent to 4.51 per cent of the capital or 2.48 per cent of the voting rights) at a price of CHF 82.00 per share, and

  • a maximum of 484,705 registered shares with a nominal value of CHF 1.00 (0.73 per cent of the capital or 4.03 per cent of the voting rights).

By 28 October 2015, the end of the repurchase period, 417,211 bearer shares with a nominal value of CHF 10.00 had been tendered to VP Bank at a price of CHF 82.00 per bearer share. As the repurchase was limited to a maximum of 298,442 bearer shares (equivalent to 4.51 per cent of the capital or 2.48 per cent of the voting rights), all offers for bearer shares will be proportionally reduced.

At the same time, 10,200 non-listed registered shares with a nominal value of CHF 1.00 (0.02 per cent of the capital or 0.08 per cent of the voting rights) were offered at a par-value-adjusted price compared to the bearer share of CHF 8.20 per share. As fewer than the maximum of 484,705 registered shares were tendered to VP Bank, there will be no reduction in the offer for the tendered shares.

Payment for the repurchased shares will take place with a value date of 30 October 2015. The securities stamp tax as well as any fees will be paid by VP Bank.

Following completion of the second fixed-price share repurchase, VP Bank now holds a total of 601,500 own bearer shares and 125,912 own registered shares. This is equivalent to 9.28 per cent of the outstanding share capital and 6.05 per cent of the voting rights.

The repurchased shares are to be used for future acquisitions or for treasury management purposes. As the shares will not be cancelled, both capital structure and voting rights will remain the same.