Royal BAM Group announces early redemption of convertible bond loan

7 April 2004 11:36 - Royal BAM Group nv

Bunnik, 7 April 2004 – Royal BAM Group announces the early redemption of the entire remaining amount of the 1997 4.75% subordinated bond loan 2004. The loan was originally due to mature on 10 December 2004. As at year-end 2003, the outstanding amount of the loan – which amounted to €38.6 million at the time of issue – was €17.4 million.

Full conversion of this outstanding amount would have increased the number of ordinary shares in issue by 987,688. Conversions in the period 1 January to end-March 2004 have totalled 96,125. The remaining outstanding amount of the loan currently is €15.7 million.

The price of the ordinary shares has exceeded the threshold of 130% of the conversion price (€17.65) for some considerable time. Pursuant to the provisions of Article 3.2 of the Trust Deed, Royal BAM Group therefore has the right to redeem the bond loan.

The bonds are expected to be redeemed at par on 7 June, with accrued interest payable in respect of the period between 10 December 2003 and 7 June 2004. The trust office will be providing further information via publications in the Official List of Euronext Amsterdam and Het Financieele Dagblad.

Conversion into ordinary shares obviously remains possible in the period up to redemption date. The shares originating from this conversion will be entitled to dividend starting from the 2004 financial year.

The intended transaction is part of Royal BAM Group’s effort to simplify the Group’s financial structure.

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