STAK AAG issues fifth tranche of depositary receipts

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NL Financial Investments (NLFI) today sold more than 59.7 million depositary receipts for shares in ABN AMRO Group N.V. This fifth tranche represents around 6.4% of the total share capital of ABN AMRO Group N.V.

NLFI manages the shares in the capital of ABN AMRO Group N.V, and is gradually selling these shares on behalf of the Dutch State. NLFI does not offer the shares directly to investors, but instead transfers shares to STAK AAG, which issues corresponding depositary receipts for these shares. NLFI will hold the depositary receipts transferred today in its own portfolio until it decides to sell them. These depositary receipts will be listed on Euronext N.V. 

The previous four tranches were issued in November 2015, November 2016, and June and September of 2017. The number of depositary receipts issued by STAK AAG now totals 470,940,001.

With this tranche, the participation of STAK AAG in the issued share capital of ABN AMRO Group N.V. has increased from around 44% to around 50.1%. NLFI’s total stake in ABN AMRO Group N.V. amounts to around 56.3%, of which around 49.9% in ordinary shares and around 6.4% in depositary receipts. The declaration of no objection issued to STAK AAG by the relevant supervisory authorities and other similar approvals to acquire shares in ABN AMRO also apply to the transfer of shares in the future, provided that a majority of the shares are transferred to STAK AAG by the end of 2017. That condition has now been met.

NLFI has waived any meeting and voting rights attached to the depositary receipts, other than the right to vote on the depositary receipts in the shareholders’ meeting of ABN AMRO.

STAK AAG is an independent foundation set up to acquire and, in exchange, issue depositary receipts for shares in ABN AMRO Group N.V. (ABN AMRO). STAK AAG secures the interests of depositary receipt holders as effectively as possible and will do everything to the best of its abilities to counter any threat to the independence, continuity or identity of ABN AMRO. In doing so, it will also take into account the interests of other stakeholders such as clients, savers, depositors, shareholder and employees of ABN AMRO, and the interests of society in general. STAK AAG is exempt from the obligation to make a public offer for all remaining shares when it has acquired 30% or more of the shares in the company.

For a complete overview of the purpose, activities and governance of STAK AAG we refer to the Frequently Asked Questions, BylawsTrust Conditions and the Board Rules of STAK AAG that can be found on this site. More information on STAK AAG can also be found in the 2016 Annual Report.