Saxo Bank to put to vote increase in share capital for settling offer for BinckBank

Maria Nikolova

The proposal will be put to vote at an extraordinary general meeting of Saxo Bank A/S, to be held on July 24, 2019, at 12am.

Online trading services provider Saxo Bank will convene an extraordinary general meeting for the purpose of voting on proposed increase in share capital. The meeting is set to be held on July 24, 2019, at 12am, at the company’s premises, Philip Heymans Allé 15, 2900 Hellerup, Denmark.

The single item on the agenda is a proposal to authorise the Board of Directors to increase the company’s share capital for the purpose of settling the recommended public offer by Star Bidco B.V., a direct wholly-owned subsidiary of Saxo, for the shares in BinckBank N.V., once the offer is declared unconditional and Saxo must fund the settlement.

Under the proposal, Saxo’s share capital will be increased from nominally DKK 68,283,943 by nominally DKK 5,153,506 to nominally DKK 73,437,449 by cash contribution.

It is proposed that a new Article 5a be inserted as follows:

  • “5a.1 The board of directors is authorised until 31 December 2019 – with right of pre-emption for the Company’s shareholders – to resolve upon one or more capital increases, by cash contribution through subscription for new shares, by up to a total of nominally DKK 5,153,506.
  • 5a.2 The capital increases shall take place at a price of EUR 19.4042690 per share of nominal value of DKK 1 in the Company.
  • 5a.3 The new shares shall of the same class as the existing shares, shall be fully paid, shall be non-negotiable instruments and shall not be subject to restrictions on transfer except as set out in article 4.4 of the Articles of Association. No shareholder shall obliged to have the new shares redeemed neither fully nor partially. In addition, the board of directors shall set the detailed terms and conditions for capital increases implemented pursuant to the authorisation.”

The Board of Directors notes that the proposed authorization of the Board of Directors to increase the Company’s share capital requires a majority of 85% of share capital represented at the general meeting and the votes cast at such general meeting, cf. Article 11.6 of the Articles of Association.

Shareholders will be granted access to the extraordinary general meeting upon submission of the request for an admission card no later than July 19, 2019.

Read this next

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

Digital Assets

Zodia Custody and SBI Digital Asset Holdings launch JV for crypto asset custodian in Japan

“Zodia Custody is both proud and excited to be working with SBI DAH to help set up SBI Zodia Custody; the first tier 1 crypto asset custodian for institutions in Japan.”

Digital Assets

Paxos opens R&D center in Israel to focus on transaction signing and crypto custody security

“Paxos is looking to expand its team in Israel in 2023 and beyond, giving engineers the opportunity to work on cutting-edge financial products and shape the future of the global economy.”

Executive Moves

Stash appoints Liza Landsman as CEO to further grow investing app

Stash is an investing and banking app with over 2 million active subscribers. Its subscription plans start at just $3 a month, and offer a range of products including investing, banking, education, and advice.

Institutional FX

Invast Global ramps up its offering with 10 soft commodity CFDs

Sydney-based prime-of-prime provider Invast Global has expanded its offering with the addition of ten soft commodity CFDs, which increases their index and commodity CFD offering to 35 instruments.

Retail FX

FF Simple and Smart Trades says Goodbye to CySEC authorization

The Cyprus Securities and Exchange Commission (CySEC) confirmed that it has wholly withdrawn the Cyprus Investment Firm (CIF) licenses of FF Simple and Smart Trades Investment Services Ltd.