a.s.r. intends to repurchase shares from NLFI
ASR Nederland N.V. (a.s.r.) intends to repurchase 3,000,000 of its shares in the second offering of a.s.r. shares by NLFI (Stichting Administratiekantoor Beheer Financiële Instellingen), which acts on behalf of the Dutch State. Today NLFI announced its intention to sell a maximum of 20,400,000 ordinary shares, i.e. a maximum of 13.6% of the issued share capital of a.s.r.
The shares are being offered by NLFI to qualified investors through an accelerated bookbuilding procedure (the Offering). a.s.r. intends to place an order in the Offering to repurchase 3,000,000 shares, which is the maximum for which a.s.r. is currently authorized to repurchase shares. NLFI will allocate a.s.r.'s order in whole. The repurchase will be financed from the company's own funds and has a limited impact on its solvency ratio. a.s.r. intends to cancel these shares in due course. The cancellation of these shares, as well as the grant of a new authorisation to the Executive Board of a.s.r. on market terms to acquire own shares, will be placed on the agenda for the General Meeting of 31 May 2017.
The repurchase is in line with a.s.r.’s strategy of using capital in value creating opportunities and by returning capital to its shareholders in an efficient manner, for example through participation in a sale of shares by NLFI.
Following successful completion of the transaction, NLFI’s shareholding in a.s.r. will decrease from 63.7% to 50.1% of the total outstanding share capital. As previously announced, NLFI intends to sell its remaining shareholding in a.s.r. in due course.
NLFI has agreed with the joint bookrunners that the remaining shares in a.s.r. held by NLFI will be subject to a lock-up period of 90 calendar days after settlement of the transaction. The joint book runners may waive the lock-up at their sole discretion.