Ad hoc

VP Bank: second fixed-price share repurchase

13.10.2015 · Ad hoc announcement pursuant to Art. 53 LR

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VP Bank Ltd is carrying out a second repurchase of own bearer and registered shares within the framework of a public fixed-price offer. The repurchase period will run from 15 to 28 October 2015. The shares to be repurchased are also to be used for future acquisitions or for treasury management purposes.

At the annual general meeting of shareholders of 24 April 2015, the shareholders authorised the Board of Directors to acquire own bearer and registered shares up to a maximum of 10 per cent of the share capital by 22 April 2020. Following the initial successful repurchase programme in mid-2015, VP Bank now holds 303,058 bearer shares and 115,712 registered shares, which equates to 4.76 per cent of the share capital. The Board of Directors has decided to make full use of the authorisation to acquire a maximum of 10 per cent of the share capital with a new fixed-price offer under the following conditions:

Bearer shares

Within the framework of the offer, VP Bank is prepared to acquire further shares up to a maximum of 298,442 bearer shares with a nominal value of CHF 10.00 (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. This offer price equates to a premium of 4.2 per cent compared to the volume-weighted average price (VWAP) of the current month. Should the number of bearer shares tendered for repurchase exceed the offer, the bearer shares subject to the offer will be reduced proportionately.

The fixed-price repurchase offer will run from 15 to 28 October 2015 (5.00 p.m.). VP Bank has engaged Zürcher Kantonalbank to carry out the repurchasing of the listed bearer shares.

Registered shares

The offer for non-listed registered shares will be carried out contemporaneously by VP Bank itself. VP Bank is prepared to acquire further shares up to 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) at a par-value-adjusted price compared to the bearer share of CHF 8.20 per share. Should the number of registered shares tendered for repurchase exceed the offer, the registered shares subject to the offer will be reduced proportionately. The repurchase offer for registered shares will also run from 15 to 28 October 2015 (5.00 p.m.).

Tendering

Shareholders wishing to participate in the repurchase offer are requested to proceed according to the instructions of their custodian bank. Tendered shares will be blocked by the custodian bank concerned and will no longer be tradable. Holders of registered shares will be contacted directly by VP Bank.

Further information concerning the fixed-price offer will be published in the print media in Switzerland and the Principality of Liechtenstein.