28/06/2012

une BONNE nouvelle...(rare!!)

AGEAS récupère des sous de ABN....

The facts: Ageas announced this morning that it reached an agreement with ABN
AMRO to settle their legal proceedings. ageas SA/NV and ageas N.V. ("Ageas")
and ABN AMRO Group N.V. and ABN AMRO Bank N.V. ("ABN AMRO") have
agreed to settle the legal proceedings concerning ABN AMRO Capital Finance
Ltd. (former Fortis Capital Company Ltd. "FCC") and the Mandatory Convertible
Securities ("MCS"). All outstanding disputes between the Dutch State and Ageas
in relation to the equity transactions which resulted in the take-over of the Dutch
activities of the former Fortis group by the Dutch State on 3 October 2008 are
brought to an end by this settlement. NL Financial Investments, the majority
shareholder of ABN AMRO, co-signed this agreement on behalf of the Dutch
State.
Our analysis: This is major good news for Ageas. The case has been one of the
drags on the share price for quite some time and this settlement further clears the
way for management to focus on the core insurance activities.
The settlement will lead to a one-off cash payment by ABN AMRO to Ageas of
EUR 400m at the latest on 5 July 2012. This payment will be recorded as a net
profit in the half year results of Ageas representing about EUR 0.16 per share.
The preference shares of FCC and the MCS were issued in 1999 and 2007 respectively
by entities that belonged to the former Fortis group. Following the
break-up of the former Fortis group, there was no agreement on whether and/or
how to share the cost of conversion of these instruments among the entities involved.
On 29 June 2009 Ageas made a EUR 362.5m cash payment for the FCC
and on 7 December 2010 Ageas converted the MCS into Ageas shares. Ageas
initiated two legal proceedings in the Netherlands regarding these disagreements.
This settlement now discontinues these legal proceedings.
Conclusion & Action: This settlement clears another hurdle in solving the legacy
issues. With an equity value per share of EUR 3.48, the company’s investment
case is becoming increasingly compelling.

13:00 Écrit par swingteam-cc | Lien permanent | Commentaires (0) |  Facebook |

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