Max Bank A/S
Max Bank A/S – establishment of an increased solvency requirement and decision to wind up the Bank under the Danish Financial Business Act
Max Bank A/S 10.10.2011 12:40 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Max Bank A/S - establishment of an increased solvency requirement and decision to wind up the Bank under the Danish Financial Business Act -- The Danish Financial Supervisory Authority (FSA) has demanded further write-downs for impairment and laid down an increased solvency requirement for the Bank, resulting in the Bank not being able to carry on its activities. -- The Bank has decided to inform the FSA that the Bank - if it is not able to procure the capital required or find another solution to its situation by the deadline set - will submit itself to winding-up under the Financial Business Act. -- Trading in shares and bonds issued by Max Bank A/S and admitted for trading and official listing on NASDAQ OMX Copenhagen will be suspended. As part of the conclusion of its ordinary examination, the FSA assessed that it would be necessary to make further write-downs for impairment for which reason it has laid down an increased solvency requirement for the Bank. Due to the identified need for further write-downs for impairment and the solvency requirement as laid down by the FSA, the Bank has informed the FSA that the Bank - if it is not able to procure the capital required or find another solution to its situation prior to the deadline of Sunday, 9 October 2011 at 6 pm set by the FSA - will submit itself to winding-up under the Financial Business Act. In addition, the Bank has made a request to NASDAQ OMX Copenhagen for suspension of trading in any share or bond issued by the Bank and admitted for trading and official listing on NASDAQ OMX Copenhagen, including securities traded under the following ISIN codes: Shares: Name MAX ISIN DK0010305903 Bonds: ISIN DKK0030255278, ISIN DKK0030248067, ISIN DKK0030239314 ISIN DK0030237292, ISIN DK0030237029, ISIN DK00302444074 NASDAQ OMX Copenhagen has declared its intention to comply with this request for which reason trading in the above-mentioned securities on NASDAQ OMX Copenhagen will be suspended until further notice. Once the Bank's current situation has been clarified, a new stock exchange announcement will be published. Yours faithfully Max Bank A/S Steen Sørensen Henrik Lund Chairman of the Chief Executive Officer Board of Directors Contact: Henrik Lund, Chief Executive Officer Stock exchange announcement no 14/2011 News Source: NASDAQ OMX 10.10.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Max Bank A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0010305903 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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