On 11 October 2017 Van Lanschot Kempen will hold an Extraordinary General Meeting of Shareholders (EGM) to decide on its proposed return of capital in the amount of €1 per share. This proposal was announced today at the presentation of Van Lanschot Kempen’s half-year results.
Van Lanschot Kempen is looking to return to its shareholders an amount of €1 per Class A share in issue (totalling over €41 million). De Nederlandsche Bank has raised no objections to the proposal.
Karl Guha, Chairman, said: “We are very happy to be able to put this proposal to our shareholders. The proposed return of capital represents the next step in the implementation of our capital strategy. Our aim is to return at least €250 million to shareholders in the period up to and including 2020, subject to the approval of our regulator.”
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 11 October 2017 at 10.00 am. The notification, agenda and explanatory notes, and the proposals to amend the Articles of Association may be accessed at Shareholders' meetings 2017.
If shareholders agree to the proposals, the capital will, in principle, be returned in December 2017. This will be charged to the proportion of the share premium reserve available for distribution and will therefore be exempt from dividend tax. Total share capital in issue will be unchanged and the CET I ratio will remain well ahead of Van Lanschot Kempen’s capital objective of 15–17% even after the return of capital.