KBC ANCORA

KBC ANCORA

Previous company name
ALMANCORA
Name change date
6/15/2007
Company Overview
Almancora SCA is a listed company that holds approximately 21% of the shares in the listed KBC Group. It was incorporated in December 1998 as Cera Ancora SA (Sociйtй anonyme). Cera Ancora’s capital was formed by the contribution of Almanij shares and by Cera (then Cera Holding) SCRL (Sociйtй coopйrative а responsabilitй limitйe). The company received its first stock market listing in April 2001. Since that date, it has been possible to trade the shares freely in the double fixing segment at Euronext Brussels.
Together with Cera, MRBB and the other permanent shareholders, Almancora ensures the shareholder stability and continuity of KBC Group. The company has taken the form of a partnership limited by shares or SCA to fulfill its task. It is headquartered in Leuven, Belgium.
The company’s statutory manager, Almancora Sociйtй de gestion SA, has the right to veto decisions taken by the General Meeting of Shareholders if they affect third parties (such as the distribution of a dividend) or relate to an amendment of the Articles of Association. Its subsidiary, Almancora Foundation ASBL, supports the stability and continuity of KBC Group.
Almancora’s global and domestic owner, Cera, is headquartered in Heverlee, Belgium. Cera is a co-operative financial group whose origins go up with the ideas of Friedrich Wilhelm Raiffeisen, which, towards the end of the 19th century, fought against poverty in the countryside by the means of the mutual aid and the co-operation.
Business Summary
The Company is a listed company which holds approximately 23% of the shares in KBC Group and which together with Cera, MRBB and the Other Permanent Shareholders is responsible for the shareholder stability and further development of KBC Group. As core shareholders of KBC Group, these parties have signed a shareholder agreement to this effect .
Description and history
The principal activity of the Company is to ensure the shareholder’ s stability of the Almanij/KBC Group together with Cera Holding SCRL and other permanent shareholders. To fulfill this task, it has taken the form of a partnership limited by shares or ‘SCA’. The statutory manager of an SCA, in this case Almancora Societe de gestion SA, has the right to veto decisions taken by the General Meeting of Shareholders if they affect third parties (such as the distribution of a dividend) or relate to an amendment of the Articles of Association. The Company owns roughly 28% of the shares in the listed company Almanij SA.
History:
The Company (Societe en commandite par actions) was incorporated on 18 December 1998, as Cera Ancora SA (Societe anonyme). Cera Ancora’s capital was formed by the contribution of 35,950,000 Almanij shares and BEF 500 million (approximately EUR 12.4 million) in cash, subscribed virtually entirely by Cera Holding SCRL (Societe cooperative a responsabilite limitee). Cera Ancora was thus an almost fully-owned subsidiary of Cera Holding. The foundations were laid in 2000 for the fundamental restructuring of Cera Ancora and Cera Holding, with approval granted on 12 and 13 January 2001 respectively. The Company received its first stock market listing on 4 April 2001. Since that date, it has been possible to trade the shares freely in the ‘double fixing’ segment of the First Market at Euronext Brussels.
2005
The structure of Almanij/KBC Group was simplified on 2 March 2005, when Almanij was taken over by KBC Bankassurance Holding. The merger was preceded by an unconditional public offer by Almanij to purchase in cash the KBL shares that are not yet held by Almanij or its subsidiaries. The newly merged company, KBC Group, now controls the underlying companies KBC Bank, KBC Assurances and Kredietbank SA Luxembourgeoise.
The merger to form KBC Group has a number of important consequences for the Company:
As a result of the merger, the Company acquired KBC Group shares on 2 March 2005, based on an exchange ratio of 1.35 KBC Group shares for each Almanij share. The Company’ s shares thus became ‘repackaged’ KBC Group shares.
Until the merger, the shareholder’ s stability of the Almanij/ KBC group was guaranteed by Cera, Almancora and the Other Permanent Shareholders via a shareholder agreement. Following the merger, this was replaced by a new shareholder agreement, to which MRBB also became a party. The core shareholders of the KBC group will be Cera, Almancora, MRBB and the Other Permanent Shareholders.
The disappearance of Almanij also brought to an end the reserving of profit at Almanij level and therefore, it boosted Almancora’ s dividend income considerably.
2007
On 15 June 2007, the Company’ s name has changed from Almancora to KBC Ancora, and the Almancora share was split by a factor of 1.4. Both changes are intended to reflect even more explicitly the link between the Almancora share and the KBC Group share. Since 15 June 2007, the KBC Ancora share is quoted on the continuous market of Euronext Brussels.

Incorporated as Cera Ancora SA (Sociйtй anonyme)

Description in French
Activitй:
La Sociйtй a pour objet principal la prйservation et la gestion de sa participation dans KBC Groupe, en vue d’assurer la stabilitй de l’actionnariat et la continuitй du groupe KBC de concert avec Cera, MRBB et les Autres Actionnaires Stables (‘AVA’) de KBC Groupe. A cet effet, KBC Ancora a conclu avec ces parties le 23 dйcembre 2004 un pacte d’actionnaires portant sur 109.020.039 actions KBC Groupe, soit 30,46% du
nombre total d’actions KBC Groupe en circulation. En vue de l’application de cette convention, Cera et KBC Ancora sont considйrйes comme une seule et mкme partie. Elles ont apportй ensemble 42.715.837 actions KBC Groupe, soit 11,93% du nombre total d’actions KBC Groupe. KBC Ancora a apportй 32.634.899 actions KBC Groupe ou 9,12% du nombre total d’actions KBC Groupe en circulation, et Cera le solde.

1998
La Sociйtй SCA a йtй constituйe le 18 dйcembre 1998 sous la dйnomination Cera Ancora SA. Le capital de cette sociйtй йtait constituй par l’apport de 35.950.000 actions Almanij et d’environ 12,4 millions d’euros de liquiditйs et fut pratiquement entiиrement souscrit par Cera (а l’йpoque: Cera Holding) SCRL. Cera Ancora йtait donc une filiale а quasiment 100% de Cera.

2001
En 2000 furent jetйes les bases d’une profonde restructuration de Cera Ancora et de Cera, qui furent approuvйes respectivement les 12 et 13 janvier 2001. Ces restructurations йtaient la concrйtisation d’une transaction conclue en vue de mettre fin а un litige juridique remontant а la fusion, en 1998, de la Banque CERA, d’ABB Assurances et de la Kredietbank.

La restructuration de Cera Ancora a entraоnй d’une part la conversion de Cera Ancora SA en Almancora SCA, la scission des actions Almancora, avec pour consйquence que le capital йtait reprйsentй par 55.929.510 actions et l’augmentation (par apport et achats) de la participation dans Almanij jusqu’а 55.929.510 actions (28,56%). Par ailleurs, la restructuration de Cera a donnй aux sociйtaires Cera le droit а trois actions Almancora pour chaque part D en cas de dйmission.

Almancora a йtй cotйe pour la premiиre fois en bourse le 4 avril 2001. Depuis cette date, les actions Almancora йtaient nйgociables librement sur le segment ‘double fixing’ d’Euronext Brussels.

2005
Le 2 mars 2005, la structure du Groupe Almanij/KBC a йtй simplifiйe, par la fusion par absorption d’Almanij par KBC Bancassurance Holding, qui a ainsi donnй naissance а KBC Groupe.

La naissance de La Sociйtй a eu quelques consйquences importantes pour Almancora:

Suite а la fusion, Almancora a reзu le 2 mars 2005 des actions KBC Groupe, sur la base d’un rapport d’йchange de 1,35 action La Sociйtй pour chaque action Almanij.
Jusqu’а la fusion, la stabilitй de l’actionnariat de La Sociйtй йtait assurйe par Cera, Almancora et les Autres Actionnaires Stables, qui avaient signй а cet effet une convention d’actionnaires. Suite а la fusion, une nouvelle convention d’actionnaires a йtй signйe, а laquelle a йgalement adhйrй MRBB. Les actionnaires de rйfйrence du Groupe KBC sont donc dйsormais Cera, Almancora, MRBB et les Autres Actionnaires Stables.
La disparition d’Almanij a entraоnй йgalement la disparition de la rйservation du bйnйfice а ce niveau.

2007
Le 15 juin 2007 le nom de la sociйtй a йtй modifiй en KBC Ancora et l’action a йtй scindйe selon un facteur 1,4 (7 nouvelles actions KBC Ancora pour 5 actions Almancora existantes). Ces deux modifications ont pour but de rйaffirmer le lien entre l’action KBC Ancora et l’action KBC Groupe.

La scission a йgalement pour effet que depuis le 15 juin 2007 les sociйtaires de Cera qui dйmissionnent avec leurs parts D ont droit а 4,2 actions KBC Ancora pour 1 part D. Cette ‘part de retrait en nature’ a pour effet que la participation а distribuer de Cera dans KBC Ancora diminue progressivement dans le temps.

Depuis le 15 juin 2007 l’action KBC Ancora est cotйe au segment continu de NYSE Euronext Brussels.

Le 8 aoыt 2007, Cera et La Sociйtй Anocra ont dйclarй avoir portй leur participation commune dans KBC Groupe au-delа de 30%. Le dйpassement de la barre des 30% est important dans le cadre de la loi du 1 avril 2007 relative aux offres publiques d’acquisition, qui prenait effet le 1 septembre 2007. En effet, les participations supйrieures а 30% а la date de prise d’effet de la loi n’entraоnent pas d’obligation de lancer un offre.

Description in Dutch
Almancora is een beursgenoteerde vennootschap die – samen met Cera Holding CVBA en de andere vaste aandeelhouders – zorgt voor de aandeelhoudersstabiliteit van de Almanij/KBC-groep. Om die functie te kunnen vervullen, heeft zij de vorm van een commanditaire vennootschap op aandelen aangenomen (Comm.VA). Bij een Comm.VA heeft de zaakvoerder – in dit geval Almancora Beheersmaatschappij NV – een vetorecht m.b.t. de beslissingen van de algemene vergadering van aandeelhouders die derden aanbelangen (zoals bv. de uitkering van een dividend) en m.b.t. elke statutenwijziging.
Business Line
Ensures the shareholder stability and continuity of KBC Group
Subsidiary
KBC GROEP NV/ KBC GROUPE SA – KBC GROUP
Advisor
KPMG BEDRIJFSREVISOREN (KLYNVELD PEAT MARWICK GOERDELER BEDRIJFSREVISOREN)
IPO date
4/4/2001
US SIC Code
6211
Company Address
P.O. Box 10
Philipssite 5
City province or state postal code
3001, LEUVEN
Phone: +32 16 27 96 72
Fax: +32 16 27 96 94
Country address: BELGIUM
Website url: www.almancora.be

Download PDF

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>