Dexia : Dexia : Subscription by the Belgian and French States to the Dexia SA
Regulated information * - Brussels, Paris, 31 December 2012 - 17.45
Subscription by the Belgian and French States to the Dexia SA capital increase
Dexia confirms that, in accordance with their undertaking, the Belgian and
French States have today subscribed to the Dexia SA capital increase in an
amount of EUR 5.5 billion. This capital increase was authorised by the Dexia
SA Extraordinary Shareholders' Meeting held on 21 December last and, with its
approval of the revised Group orderly resolution plan, approved by the
European Commission on 28 December 2012. The participation of the Belgian and
French States in this capital increase was also subject to the required legal
and regulatory authorisations.
The Belgian State subscribed to 15,342,105,203 and the French State to
13,605,263,158 new preference shares in Dexia SA, thus bringing their holdings
in the capital of Dexia SA to 50.02% and 44.40% respectively.
As previously announced, the subscription price for the preference shares was
set at EUR 0.19 per share^.
The proceeds of this capital increase have been allocated as follows:
· An increase of the capital of Dexia Crédit Local S.A. (DCL) in an
amount of EUR 2,000 millions, including issue premium. This recapitalisation
of DCL was realised today and takes the share capital of DCL to EUR 1.286
· EUR 2,120 millions to settling the balance of the contractual
liabilities of Dexia SA and DCL, with the exception of a residual loan that
will be repaid by Dexia SA's forthcoming incomes, in particular those related
to the sale of Dexia Asset Management. Those liabilities are essentially
divided as follows:
§ EUR 606 millions to repaying the loans subscribed by Dexia SA with
§ EUR 1,942 millions due from Dexia SA to DCL by virtue of a guarantee
on Greek securities;
§ EUR 372 millions allocated by Dexia SA for subscription to a capital
increase of Dexia Holdings Inc^.; and
§ EUR 208 millions due from DCL to Dexia SA in order to terminate the
advance made to DCL by virtue of setting-up fees paid within the framework of
an autonomous guarantee agreement concluded on 16 December 2011 between the
Kingdom of Belgium, the Republic of France, the Grand Duchy of Luxembourg,
Dexia SA and DCL.
At the end of these various transactions, Dexia SA will have sufficient
liquidity enabling it to cover its future commitments, under foreseeable
With the guarantee on DCL funding, the Dexia SA capital increase constitutes
one of the pillars of the revised orderly resolution plan for the Dexia Group.
As a consequence of the realisation of the capital increase, all the statutory
amendments passed by the Shareholders' Meeting on 21 December 2012 have
entered into force, and the resignations and co-options of directors decided
and recorded on 27 December 2012 have taken effect.
* Dexia is a limited company listed on a regulated market (NYSE-Euronext
Brussels and NYSE-Euronext Paris). This press release contains information the
dissemination of which is governed by the Royal Decree dated 14 November 2007
relating to the obligations of issuers of financial instruments listed on a
For more information: www.dexia.com
The price of EUR 0.19 per share corresponds, under Article 598 of the
Belgian Companies Code, to the average closing price of the Dexia share during
the 30 calendar days prior to the decision taken by the Board of Directors in
14 November 2012 to propose to the Extraordinary Shareholders' Meeting that it
proceed with the capital increase.
Dexia Holding Inc. is 90% owned by DCL and 10% by Dexia SA. It is the
entity that held the Financial Products portfolio inherited from FSA, that was
almost entirely sold in 2011.
This announcement is distributed by Thomson Reuters on behalf of Thomson
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(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Dexia via Thomson Reuters ONE
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