Deutsche Bank New Shr Sub. Price at ~17.4% Discount to TERP
New shr subscription price of EU22.5 each at 17.44% discount to theoretical ex-rights price of EU27.2543, based on yday’s official close of Deutsche Bank shares cum rights on Xetra.
* Rights to new shrs starting trading today (until June 20 on German stock exchanges; on NYSE until June 18)
* Rights Ticker: DBKB GR
Details :
Reference price for rights to new
Deutsche Bank shares ~EU1.45 each, implied by terms of EU6.75b
share sale, according to Bloomberg calculations.
• Theoretical ex-rights price ~EU27.70 based on Deutsche Bank share price of ~EU29.15
• NOTE: last month, Deutsche Bank raised EU1.75b by placing ~60m shares at EU29.2 apiece to Paramount Holdings, which is controlled by Sheikh Hamad Bin Jassim Bin Jabor Al-Thani of Qatar
Terms/Timetable
• To issue 299.8m new shares at EU22.5 each; subscription ratio 18:5, shareholders may acquire 5 new shares for every 18 existing shares held
• Rights trading: Starts June 6, until June 20 on German stock exchanges
• On NYSE: Starts June 6, until June 18
• Subscription period: Expected to run from June 6 through June 24
• Rights Ticker: DBKB GR
• Expected inclusion in existing Deutsche Bank shares on German stock exchanges/NYSE: on or about June 25