Varengold Bank AG / Key word(s): Capital Increase/Corporate Action
Varengold Bank AG will not carry out originally planned 10% cash capital increase
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS NOT INTENDED FOR PUBLICATION OR ONWARD TRANSMISSION IN OR WITHIN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN OR IN OTHER COUNTRIES IN WHICH SUCH A DISTRIBUTION OR PUBLICATION COULD BE UNLAWFUL.
The planned capital measure was initiated in the middle of last year to strengthen the equity base and thus to expand the business activities of Varengold Bank AG, in particular to permanently raise the fulfilment of the requirement in accordance with Art. 92 Para. 1 lit. d) CRR to raise the so-called leverage ratio to a level above the statutory threshold. This goal was achieved during the second half of the year, among other things, by allocating the interim profit for 2022 to the regulatory capital. In addition, Varengold Bank AG included a first-time allocation to the special item "fund for general banking risks" of EUR 5.0 million in its preliminary result for the 2022 financial year. This special item will additionally strengthen the bank's capital once the annual financial statements for 2022 have been approved. For this reason, the Management Board does not see the need for an additional capital increase in the near future, which would also have a negative dilution effect on the other shareholders.
Dr. Bernhard Fuhrmann
This notification is a mandatory notification according to Art. 17 MAR. The assessments contained are subject to the following caveats.
Disclaimer on forward-looking statements / no duty to update
This communication contains forward-looking statements that are subject to certain risks and uncertainties. Future results may differ materially from those currently expected, namely due to various risk factors and uncertainties such as changes in the business, economic and competitive situation, fluctuations in exchange rates, uncertainties regarding legal disputes or investigations, and the availability of financial resources. The reader should therefore not over-rely on these statements, particularly in connection with contracts or investment decisions. Varengold Bank AG assumes no responsibility for updating the forward-looking statements contained in this communication.
This announcement does not constitute an offer or invitation to subscribe for or purchase any securities of Varengold Bank AG in the United States of America, Germany or any other jurisdiction. This announcement does not constitute a recommendation regarding the placement of the securities described in this announcement.
Ms. Sanja Schultz-Szabo (Head of Corporate Development)
|Company:||Varengold Bank AG|
|Große Elbstraße 39|
|Phone:||+49 (0)40 / 668649-0|
|Fax:||+49 (0)40 / 668649-49|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1565991|
|End of Announcement||EQS News Service|