Vestjysk Bank (CPH: VJBA) continues to actively seek for more cash. Earlier this year the bank first became majority owned by the state via the conversion of its hybrid capital loan. Following this the merger between Vestjysk Bank A/S and Aarhus Lokalbank Aktieselskab was agreed upon and former owners of Aarhus Lokalbank received Vestjysk Bank A/S shares.
Today’s announcement of an equity issue is the second step of the capital plan communicated earlier, where the state conversion was the first step. Over 30 million new shares will be offered with a deeply discounted price of 10.4 DKK. The share has turned sharply lower following the announcement.
The firm said that first quarter of 2012 has proceeded as expected and maintains expectations of core earnings between 550 and 600 million DKK before impairments (expected to be around 450 million DKK) and merger costs. Quarterly report for Q1 2012 is scheduled for 31st of May 2012.
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