June 2010

Advisor to Max Bank in connection with rights issue

Max Bank wanted to merge with Skælskør Bank, with Max Bank as the continuing company. However, the FSA required strengthening of the capital base of the merged bank, before it would approve the merger.

The completion of the merger thus depended on the adequacy of capital that was in place at the completion of the merger. This also required a prospectus, which shareholders could use as a basis for their decision to exercise their right or not.

We assembled a consortium of underwriters of banks and professional investors, which guaranteed a minimum amount of proceeds that would meet the capital requirement set by the FSA.

ATRIUM prepared tender documents for the potential guarantors and the issue prospectus within a very limited time period in accordance with statutory deadlines. We also performed an independent analysis of the credit portfolio; highlighting significant relationships that could appear in the material.
Following the share issue Max Bank had a solvency ratio of approx. 15.4 %, and the share issue was successfully subscribed at the maximum number of offered shares.