***Lettera per SNS***
Di seguito abbiamo preparato la lettera per SNS da inviare ( per chi vuole unirsi a noi CB,M,R,Z ) a tutte tre le segueni persone:
[email protected]
[email protected]
[email protected]
Reef ha preparato il link per il censimento che é giá operativo:
https://docs.google.com/spreadsheet/formResponse?formkey=dEZBTWFZZ0FWMDFTUmhCM1l1MURmTnc6MA&ifq
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Subject: SNS and liability management operations
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To the attention of Mr Bosscha, Mr Zijlema, Mrs van Wilgenburg-Kruisweg
We are a group of investors in both the following hybrid capital securities issued by SNS. We are currently holding several millions Euro for each one of these:
XS0468954523 Sns Bank 11.25%
XS0310904155 Sns Reeal Groep 6.258%
We are writing to you regarding the many liabilities management operations ( ie buy back of hybrid Tier 1 securities, perpetual bonds ) that are happening on the market: almost all the banks are making great profits and increasing their Core Tier 1 ratio in this very " inexpensive " way. Most of the European banks have done it and most recently Bawag, Erste Bank, EFG, Unicredit, Credit Agricole, Banco Popolare and Banca Intesa.
We are following closely SNS and we do not understand the reason why SNS has not performed yet such liability management exercise.
We are aware of the tender offer that you have made on LT2 securities back in November 2011 and the exchange offer made on the above XS0310904155 Sns Reeal Groep on the 12/11/2009. This is the reason why we are even more surprised by the fact SNS has not yet committed to such an important transaction more recently.
The more time goes by the more the prices of these securities move higher and the more SNS should pay in an hypothetical tender offer. At the beginning of the year the security XS0468954523 was trading as low as 58% of face value and it is now trading at around 82%. This represents out of the total Eur 320 mio issue, in case of a future tender offer, a missed profit of Euro 76,800,000. The potential missed profit on the other security totals Euro 50,000,000. To us it is unconceivable that SNS has refrained from doing such an operation intentionally without any good and specific reason. This is why we are asking you now if there is a specific cause to it.
We have reason to believe that there is still time to make a profitable and very well accepted tender offer on both securities.
Always hoping the best for SNS,
kind regards,
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Grazie a tutti.
