Bellevue Group Ltd publishes terms of the announced capital increase

4/11/2016, 7:00 AM (Source: GlobeNewswire)

Bellevue Group AG / Bellevue Group Ltd publishes terms of the announced capital increase . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

This press release or the information contained herein is not being issued and may not be distributed, directly or indirectly, in the United States of America, Canada, Australia, Japan or any other jurisdiction where it would be unlawful to do so, and does not constitute an offer of securities for sale in such countries.

Bellevue Group Ltd publishes the terms of the announced capital increase:

  • Subscription ratio: 7 registered shares will grant subscription rights for 2 new registered shares
  • Offer price per new registered share: CHF 11.00
  • Expected gross proceeds from capital increase: CHF 32.9 Mio.

At the annual general meeting on March 22, 2016, the shareholders of Bellevue Group Ltd approved the implementation of capital measures proposed by the Board of Directors in order to finance the acquisition of StarCapital Ltd and to maintain Bellevue Group's strategic flexibility.

The Board of Directors of Bellevue Group has determined the following: Up to 2'991'428 new registered shares with a nominal value of CHF 0.10 per registered share will be offered. Bellevue Group shareholders will receive one subscription right for every registered share they hold on April 11, 2016 (after market close). 7 subscription rights will allow the holder to purchase 2 new registered shares against payment of the offer price,subject to applicable selling restrictions. The offer price has been set at CHF 11.00 per new share, reflecting a discount of 24.1% to the closing share price as of Friday, April 8, 2016.

The exercise period for the subscription rights is expected to start on April 12 and to last until April 21, 2016, 12:00 noon CEST. The subscription rights are expected to be traded on SIX Swiss Exchange between April 12, 2016 and April 19, 2016. The listing and first trading day of the new registered shares on SIX Swiss Exchange is expected to occur on April 26, 2016. Offered shares that have not been exercised during the exercise period may be placed for the account of Bellevue Group at the offer price.

The core shareholders support the proposed capital increase and have expressed their intention to exercise a substantial amount of their subscription rights.

For further information on the capital increase, please refer to the offering prospectus published today.

The timetable for the capital increase is as follows: 

11 April 2016 Publication of offering prospectus.
After close of trading on SIX Swiss Exchange: Record date for determination of existing shareholders for the entitlement of subscription rights.
Shareholders acquiring shares after the record date will acquire shares without entitlement to subscription rights.
12 April 2016 Start of rights exercise period and rights trading. 
19 April 2016 End of rights trading period.
21 April 2016 12:00 noon CEST: End of rights exercise period.
22 April 2016 Before market opening: press release regarding final number of shares sold in the offering and the result of the capital increase.
26 April 2016 Listing and first day of trading of new registered shares.
27 April 2016 Delivery of the new registered shares against payment of the offer price. 

The business of Bellevue Group was negatively affected by declining equity markets environment during the first quarter 2016 compared to the same quarter of the previous year. During the first quarter, the operating profit declined to around CHF 1.3 million from around CHF 4.4 million (without StarCapital).

Based on recovering equity markets since March, in particular in the healthcare sector, Bellevue Group anticipates an improvement for the remainder of the year. Moreover, Bellevue Group expects the acquisition to be immediately value accretive for all shareholders. Bellevue Group's dividend policy of payouts from operating cash flows will remain unchanged after the acquisition.


Media Relations:
Jürg Stähelin, IRF Communications
Telephone +41 43 244 81 51,

Investor Relations:
Daniel Koller, CFO Bellevue Group
Telephone +41 44 267 67 00,

Bellevue Group
Bellevue Group is an independent Swiss financial boutique listed on the SIX Swiss Exchange. Established in 1993, the company and its approximately 90 employees are specialists in the fields of Brokerage, Corporate Finance and Asset Management. Bellevue Group includes the two subsidiaries Bank am Bellevue and Bellevue Asset Management. The bank boasts superb knowledge of the Swiss stock and bond market and offers independent research opinions and recommendations as well as viable solutions for capital market transactions. Bellevue Asset Management is focused on selected active equity investment strategies in growing markets, in healthcare industries as well as in other special themes such as entrepreneur-led companies.

This publication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to U.S. persons (as such term is defined in Regulation S under the Securities Act) absent registration or an exemption from registration under the Securities Act. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States.

This publication constitutes neither an offer to sell nor a solicitation to buy securities of Bellevue Group and it does not constitute a prospectus within the meaning of article 652a and/or 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. The offer will be made solely by means of, and on the basis of an offering prospectus published in connection with this offering. An investment decision regarding the publicly offered securities of Bellevue Group should only be made on the basis of such offering prospectus. Copies of such offering prospectus (and any supplements thereto and the supplement providing for the final number of offered shares sold in the offering which together with the offering prospectus forms the final offering and listing prospectus) are available free of charge at Bellevue Group Ltd and Bank am Bellevue Ltd, Seestrasse 16, 8700 Küsnacht, Switzerland (Telephone: +41 (0) 44 267 67 67; Fax: +41 (0) 44 267 67 50; email:

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bellevue Group AG via Globenewswire


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Bellevue Group AG
Seestrasse 16 Küsnacht/Zürich Switzerland

WKN: A0LG3Z;ISIN: CH0028422100;

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