ING announced today that in connection with its EUR 7.5 billion rights issue 53,365,998 new (depositary receipts for) shares have been sold at a price of EUR 6.68 per share. This sale is in relation to new (depositary receipts for) shares in ING’s rights issue that were not subscribed for during the subscription period (the rump shares).
The rump shares were offered and sold by way of private placements to certain institutional investors outside the United States and through a public offering in the United States. Goldman Sachs, ING Bank and J.P. Morgan acted as joint global coordinators and joint bookrunners for the rump offering, on behalf of a syndicate of banks.
Since the aggregate proceeds for the rump offering, after deduction of selling expenses (including any value added tax) exceed the aggregate subscription price for such offer shares by EUR 2.09 per rump right (equivalent to EUR 2.44 per rump share), each holder of a right that was not exercised will be entitled to receive a part of the excess amount in cash, in respect of the number of unexercised rights reflected in such holder’s account as a proportion of the total number of unexercised rights.
As a result of the rights issue, the number of ING shares outstanding will equal 3,831,560,513. Trading in the offer shares on Euronext Amsterdam and Euronext Brussels is expected to commence on 21 December 2009. Trading in the newly issued American depositary shares on the New York Stock Exchange is expected to commence on 21 December 2009.
