VolkerWessels announces partial exercise of over-allotment option bringing the gross proceeds of the IPO to approximately €648 m
Koninklijke VolkerWessels (“VolkerWessels” or the “Company”), a market-leading, multi-branded construction company in the Netherlands, today announces that the Joint Global Coordinators, on behalf of the Underwriters, have partially exercised the over-allotment option, bringing the gross proceeds of the initial public offering on Euronext Amsterdam (the “IPO” or the “Offering”) to approximately €648 million.
As part of the Offering and as set forth in the prospectus dated 28 April 2017, Reggeborgh Holding B.V. (the “Selling Shareholder”) granted an over-allotment option (the “Over-Allotment Option”) to the Underwriters of up to 3,750,000 ordinary shares of VolkerWessels (the “Over-Allotment Shares”).
The Joint Global Coordinators, on behalf of the Underwriters, have now notified the Selling Shareholder of the partial exercise of the Over-Allotment Option. In total 3,186,650 Over-Allotment Shares will be sold by the Selling Shareholder pursuant to the Over-Allotment Option, raising total gross proceeds of approximately €73 million. As a result of this partial exercise of the Over-Allotment Option, total gross proceeds of the Offering increased to approximately €648 million and the total number of shares offered under the Offering increased to 28,186,650 shares, which represents approximately 35.2% of the Company’s issued and outstanding shares (the “Shares”).
Following the partial exercise of the Over-Allotment Option, the Selling Shareholder will continue to be the Company’s largest shareholder and will hold approximately 63.6%* of the Shares. As part of the Offering the Selling Shareholder agreed to a lock-up for a period of 180 days from the Settlement Date, and subject to certain customary carve-outs and possible waiver by the Joint Global Coordinators.
For more information about VolkerWessels and the Offering reference is made to the prospectus dated 28 April 2017. The prospectus is available electronically via the VolkerWessels website (www.volkerwessels.com).
* After deduction of the 1.2% of the Shares that the Selling Shareholder has committed to grant to the Managing Directors and certain key managers under a one-off share incentive, which will be subject to lock-up periods of at least 360 days (as disclosed in the Prospectus).
VolkerWessels has been informed by Morgan Stanley & Co. International plc acting as the stabilisation agent in connection with the Company’s initial public offering on Euronext Amsterdam, that it has undertaken stabilisation activities within the meaning of Article 3.2(d) of the Market Abuse Regulation (EU/596/2014) in relation to the offer of the following securities, as set out below.
ABN AMRO Bank N.V., ING Bank N.V., Merrill Lynch International and Morgan Stanley & Co. International plc are acting as joint global coordinators for the Offering and are collectively with BNP PARIBAS and Coöperatieve Rabobank U.A. acting as the joint bookrunners for the Offering (collectively, the “Underwriters”).
Kempen & Co N.V. is acting as the financial adviser to the Selling Shareholder for the Offering.