STAK AAG issues second tranche of depositary receipts

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NL Financial Investments (NLFI) has sold a second tranche of ABN AMRO shares, totalling 65 million shares (7%). NLFI is the foundation that manages the shares in the capital of ABN AMRO Group N.V. It is gradually selling these shares on behalf of the Dutch State. NLFI is not selling the shares directly to investors, but is instead transferring them to STAK AAG, which in turn issues listed depositary receipts. The second tranche of depositary receipts has been sold to institutional investors by way of an accelerated book-building offering.

This was the second time that STAK AAG acquired shares of ABN AMRO Group and issued depositary receipts for these shares, which are subsequently listed. The first tranche was in November 2015, with the initial public offering of ABN AMRO N.V. shares by NLFI. The second tranche raises the proportion of shares in the capital of ABN AMRO for which STAK AAG has issued depositary receipts from 23% to 30%. The number of depositary receipts issued by STAK AAG now totals 281,200,000. The proportion of shares held by NLFI on behalf of the Dutch State has decreased from 77% to 70%.

Graph: STAK AAG NLFI

Figure: Shares held by NLFI and STAK AAG as at November 2016

STAK AAG (Stichting Administratiekantoor Continuïteit ABN AMRO Group) is an independent foundation that was set up to deter to the maximum of its abilities any threat to ABN AMRO Group N.V.’s independence, continuity or identity. In doing so, STAK AAG also takes into account the interests of stakeholders other than holders of depositary receipts, such as clients, savers, depositors, shareholders and employees of ABN AMRO, and the interests of society in general. STAK AAG has been exempted 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 summary of the objects, procedures and governance of STAK AAG, please see the FAQ on this site and other STAK AAG documents available in English: articles of association, trust conditions, first report​ (PDF 1 MB).