The possible consequences of the proposed legal demerger for the Amsterdam Midkap index and the option class are set out hereafter.
Univar spin-off; consequences for Amsterdam Midkap index
Provided the necessary approval has been granted, Vopak's chemical distribution activities are expected to be spun off to a new company called Univar N.V., as part of a legal demerger, after the close of the markets on 28 June 2002. Ordinary Univar shares will be listed on Euronext Amsterdam Stock Market N.V. as from 1 July 2002, barring unforeseen circumstances.
If neither of the two new independent companies qualifies for inclusion in the Amsterdam Midkap index based on their capital ratios, applied on the value of turnover for the last whole calender year (2001), the value of the index will be divided proportionally among the 23 remaining constituents according to their percentage weightings, after which the new values will be rounded off.
If only one of the two new independent companies qualifies for inclusion in the index based on its capital ratio, applied on the value of turnover for the last whole calender year, the percentage weighting of the demerging company will be allocated to the company qualifying for inclusion.
If both companies qualify for inclusion in the index based on their capital ratios, applied on the value of turnover for the last whole calender year, the percentage weighting of the demerging company will be divided proportionally among both companies.
Euronext will announce the composition of the Amsterdam Midkap as at 1 July 2002 as soon as possible.
Vopak option class
Euronext Amsterdam Derivative Markets N.V. is expected to launch trading in Koninklijke Vopak N.V. equity options on 1 July 2002. No options will be listed on Univar N.V. shares for the time being.
The current VPK option class will be adjusted and converted into an index option with the symbol VPKO after the close of the markets on the date of the demerger (28 June 2002). The option class will be traded as from 1 July 2002.
