Eastern Virginia Bankshares, Inc. Sets Record Date for Rights Offering
TAPPAHANNOCK, Va., April 18, 2013
TAPPAHANNOCK, Va., April 18, 2013 /PRNewswire/ --Eastern Virginia Bankshares,
Inc. (NASDAQ: EVBS) (the "Company") announced today that it has set 5:00 p.m.
eastern time on May3, 2013 as the record date for its previously announced
As previously announced, the Company plans to conduct a $5.0 million rights
offering to allow shareholders to purchase common stock at $4.55 per share.
The rights will be non-transferable and will have customary oversubscription
privileges, provided that purchases through the rights offering will not be
permitted to cause an individual shareholder's aggregate ownership of the
Company's common stock to exceed 4.9% of the Company's common stock if the
shareholder's ownership did not previously exceed 4.9%. If the rights offering
is oversubscribed, subscriptions will be reduced proportionally based on the
pro rata ownership of the common stock. No party will provide a "back stop" to
the rights offering in the event it is undersubscribed.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any securities, nor shall there be any sale of securities in any
state or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state or jurisdiction.
Certain statements contained in this release that are not historical facts may
constitute "forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. In addition, certain statements may be
contained in the Company's future filings with the SEC, in press releases, and
in oral and written statements made by or with the approval of the Company
that are not statements of historical fact and constitute forward-looking
statements within the meaning of the Act. Examples of forward-looking
statements include, but are not limited to statements of plans, objectives and
expectations of the Company or its management or Board of Directors, including
those relating to future events in connection with the conduct and terms of
the rights offering. Words such as "believes," "anticipates," "expects,"
"intends," "targeted," "continue," "remain," "will," "should," "may" and other
similar expressions are intended to identify forward-looking statements but
are not the exclusive means of identifying such statements. Forward-looking
statements involve risks and uncertainties that may cause actual results to
differ materially from those in such statements. Factors that could cause
actual results to differ from those discussed in the forward-looking
statements include, but are not limited to, failure to satisfy any conditions
to the closing of the rights offering, changes in laws, regulations and the
policies of federal or state regulators and agencies and other circumstances,
many of which are beyond the Company's control.
Although the Company believes that its expectations with respect to the
forward-looking statements are based upon reliable assumptions and projections
within the bounds of its knowledge of its business and operations, there can
be no assurance that actual results, performance, actions or achievements of
the Company will not differ materially from any future results, performance,
actions or achievements expressed or implied by such forward-looking
statements. Readers should not place undue reliance on such statements, which
speak only as of the date of this report. The Company does not undertake any
steps to update any forward-looking statement that may be made from time to
time by it or on its behalf.
Contact: Adam Sothen
Chief Financial Officer
Voice: (804) 443-8404
Fax: (804) 445-1047
SOURCE Eastern Virginia Bankshares, Inc.
Press spacebar to pause and continue. Press esc to stop.