Published: 19:44 17.09.2009 GMT+2 /HUGIN /Source: Van der Moolen Holding N.V. /AEX: MOO /ISIN: NL0000370179
Transfer of Securities positions Van der Moolen
Today, Van der Moolen nearly completed the transfer of its European securities position. Several subsidiaries of Van der Moolen had a total position of 2.5 million option contracts with a total market value of approximately € 1.2 billion. Besides these contracts Van der Moolen owned about 90 million Swiss warrants, and had shares and ADR positions. Expiration dates of the option contracts were up until December 2013.
The securities positions have been transferred to First Euro Securities and Derivatives Trading B.V. ("First Euro"), a company which is owned by some former employees of Van der Moolen and third-party financers. The former employees are mainly derived from the departments Mid Office and Risk Management.
The complex transfer has been realised without any incidents in close cooperation with the related clearing organisations.
As has been announced, Van der Moolen Holding N.V. is in a state of bankruptcy. The receivers of Van der Moolen Holding N.V. were confronted with the question how to deal with the sizeable number of securities positions, which - taking into account the option expiration this month - could result in high risks. This also in view of the leave of the traders who have managed the related securities positions; traders who had the best insight knowledge in these positions. The transfer price of all securities positions has been determined after amongst others consulting related clearing organisations, consideration of the possibilities and cost to wind down the positions for its own account, considering the results of an auction of the securities positions of an English subsidiary of Van der Moolen and finally based on an offer made on a portion of the positions by a group of former Van der Moolen traders.
First Euro will offer employment to about 14 former employees of Van der Moolen. First Euro will also take over some IT components and - contracts.
In the meanwhile, the preparation for filing for bankruptcy of the related subsidiaries has been started.
As announced earlier, the receivers of Van der Moolen Holding N.V. do not expect any proceeds for common shareholders of Van der Moolen Holding N.V., this partly because of the current share capital structure. Common shareholders receive only payment in case of dissolution after the preferred shareholders have received their original investment of about € 40 million. Payment to preferred shareholders is possible only if all creditors have been paid.
The receivers of Van der Moolen Holding N.V.
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