Ad hoc

VP Bank: 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 public fixed-price offer of VP Bank was successfully completed today. A total of 300,750 bearer shares and 114,080 registered shares were repurchased.

On 18 June 2015, VP Bank announced that the Board of Directors had 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 acquire by means of this fixed-price offer up to a maximum of 5 per cent of the share capital, which equated to a maximum of 300,750 bearer shares and 300,208 non-listed registered shares. The repurchase price was set at CHF 84.00 per bearer share and CHF 8.40 per registered share.

By 3 July 2015, the end of the repurchase period, 944,368 bearer shares with a nominal value of CHF 10.00 had been tendered to VP Bank at a price of CHF 84.00 per bearer share. As the repurchase was limited to 300,750 bearer shares (4.55 per cent of the capital or 2.5 per cent of the voting rights), all offers for bearer shares will be proportionally reduced.

At the same time, 114,080 non-listed registered shares with a nominal value of CHF 1.00 (0.17 per cent of the capital or 0.95 per cent of the voting rights) were offered to VP Bank at a par-value-adjusted price compared to the bearer share of CHF 8.40 per share. As fewer than 300,208 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 7 July 2015. The securities stamp tax as well as any fees will be paid by VP Bank.

Following completion of the fixed-price share repurchase, VP Bank now holds a total of 303,058 bearer shares and 115,712 registered shares. This is equivalent to 4.76 per cent of the remaining share capital and 3.48 per cent of 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.