Published: 7.30 CET

On 9 October 2019, Van Lanschot Kempen will hold an extraordinary general meeting (EGM) to decide on its proposed return of capital in the amount of €1.50 per share. The proposed capital return, announced at the presentation of Van Lanschot Kempen’s half-year results on 27 August 2019, would see a return to its shareholders of €1.50 per Class A share in issue. De Nederlandsche Bank has raised no objections to the proposal.

Karl Guha, Chairman, said: “We are very pleased that our strong capital position enables us to put this proposal to our shareholders. If carried, the proposal will lead to over €60 million being paid to our shareholders. This will take the total amount returned, in the form of both dividend payments and capital returns, to over €330 million since 2016.

We will continue to optimise our capital base going forward, while leaving room for possible acquisitions. If possible, we will also consider paying out capital to shareholders, subject to approval by the regulator.”

If the shareholders agree to the proposal, the capital will, in principle, be returned in December 2019. The payment will be charged to the proportion of the share premium reserve available for distribution and will therefore not be subject to Dutch dividend tax. Total share capital in issue will be unchanged and the CET 1 ratio will remain well ahead of Van Lanschot Kempen’s capital objective of 15–17% even after the return of capital.

The capital return proposal and resolutions to amend the Articles of Association to effect this return will be put to a vote at the EGM scheduled to take place in ’s-Hertogenbosch, the Netherlands, on 9 October 2019 at 09.30 am. The notification, agenda and explanatory notes, and the proposals to amend the Articles of Association can be accessed at Shareholders' meetings.