Investor underwrites SEK 3.5 bn. of SEB's SEK 15 bn. rights issue
Investor AB has agreed to underwrite SEK 3.5 bn., corresponding to 23.5 percent of SEB's SEK 15 bn. rights issue presented today. This amount includes Investor's pro rata share of approximately SEK 3.1 bn. The additional subscription of approximately SEK 0.4 bn. is provided through an underwriting agreement and will lead to shares being acquired only if the shares offered in the rights issue are not fully subscribed. Investor receives an underwriting fee in line with market conditions for the guarantee above pro rata.
SEB's rights issue is fully underwritten.
In a comment, Börje Ekholm, President and CEO of Investor says: "The bar for what is considered a well capitalized bank has increased internationally. Since the fall of 2008, we have had a close dialogue with SEB about opportunities to strengthen the capital base. The proposed capital raise and the cancelling of the dividend, leads to a Core Tier 1 capital ratio of 10.4 percent for SEB. These measures combined with a prudent management of capital, will enable SEB to operate successfully through the turbulence in the financial markets and a severe downturn in the economy."
Börje Ekholm continues: "In our view, this investment has an attractive risk-reward profile for our shareholders. We remain financially strong even after this participation in the new rights issue, and we will act on investment opportunities arising out of the current market turbulence."
Investor AB has been advised by Deutsche Bank in relation to the rights issue.
INVESTOR AB
For further information:
Fredrik Lindgren, Head of Corporate Communications +46 8 614 2031, +46 735 524 2031
Oscar Stege Unger, Head of Investor Relations +46 8 614 2059, +46 70 624 2059
Our press releases can be accessed at www.investorab.com on the Internet.
Investor AB is the largest industrial holding company in northern Europe. For almost a century, Investor's business concept has been to generate solid long-term returns by investing in companies with attractive potential for value creation. We are an active owner who applies our experience, knowledge and network to develop both listed and unlisted holdings and make them best-in-class. Investor conducts investment activities from Northern Europe, the United States and Asia.
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