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(15) No voting rights in SNS Groep's General Meetings are attached to the securities. The
securities are deeply subordinated, ranking pari passu with the ordinary shares and the
shares B (meaning that they are fully loss-absorbing).
(16) The State has no right to dissolve or annul the Measure. The security is only transferable
with the permission of SNS and the DNB. In general, DNB as supervisory authority must
agree based on the capital adequacy position both before and after the transaction.
(17) There are 3 redemption scenarios for these securities, all of which are at the initiative of
SNS. All of these options are conditional on the agreement of the DNB.
(18) In the first scenario, the Optional Buy Back, SNS has the right to redeem all or some of
the issued securities at a price of € 7.875 per security (being 150% of the issue price), plus
payment of interest7, that would have been due over the relevant period, if the Repurchase
would not have occurred, any time after the issue date.
(19) In the second scenario, the Conversion Option, at any time after 10 February 2012 SNS
can require the State to convert its stake into ordinary shares on a one for one basis. If
SNS triggers this conversion option, the Dutch State has the choice to opt for the
alternative redemption of the securities at the issue price of € 5.25 per security plus
accrued interest
(20) In the third scenario, the Early Repurchase Option, for the first year after the issue date, €
250 million of securities may be repurchased by SNS for € 5.25 per security8 (i.e. 100% of
the issue price), plus accrued interest. In addition, the Dutch State may receive a
repurchase fee of up to € 32.5 million, subject to certain conditions regarding the share
price of SNS at the time of the repurchase as well as the date of this transaction9.
Questo è un passo della decisione della commissione 611/2008 in merito all'aiuto di stato concesso ad SNS. Trovo singolare (leggere nn. 15 e 16) che mr. D. valuti gli aiuti concessi con tale norma a scomputo del V.N. di SNS reaal ai fini della compensazione. Anzi tali aiuti, per accordi precisi presi con la CE e conosciuti a tutti gli obbligazionisti, prevedono che tali somme siano le prime ad essere intaccate in caso di perdite, per cui i circa 500 mil. andrebbero ad aumentare il v.n. e non a decurtarlo. Da notare che tali somme sono a totale servizio di SNS e non possono essere distolte dal loro utilizzo contrattuale. Allora... . può una legge nazionale valutare una compensazione per creditori di rango superiore, computando tali aiuti a scomputo del netto residuo invece che in aumento come previsto da precisi accordi presi in sede comunitaria?......... Uncontemperamento di dinteressi lo puoi fare per i nuovi aiuti ma non per i vecchi che fanno a pieno titolo patrimonio SNS destinato ad assorbire le perdite.....
