EANS-Adhoc: immigon portfolioabbau ag / Modification of an already disclosed inside information pursuant to the Aus-trian Stock Exchange Act / Hybrid capital of ÖVAG Finance (Jersey) Limited (ISIN XS0

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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is solely responsible for the content of this announcement.
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other/Company Information
20.01.2017

On 5 July 2016 immigon portfolioabbau ag (formerly Österreichische
Volksbanken-Aktiengesellschaft; "immigon") disclosed as inside
information that a redemption val-ue of less than 30 % of the nominal
value (instead of zero as expected at the beginning of 2015) in
respect of the Preferred Securities (ISIN XS0201306288) issued by
ÖVAG Finance (Jersey) Limited may be expected. The redemption value
of the Preferred Securities issued by ÖVAG Finance (Jersey) Limited
depends, inter alia, on the amount of the repayment under the
supplementary capital (Ergänzungskapital) issued by immigon and held
by ÖVAG Finance (Jersey) Limited, i.e. whether the total of the
losses attributed to such supplementary capital exceeds the total of
the profits allocated to the supplementary capital over the term of
the supplementary capital; such net loss needs to be deducted from
the redemption amount (nominal value).

In the course of the preparation of the drawing up of the annual
financial statements of immigon as at 31 December 2016 immigon has
reached the conclusion that the outlook published ad hoc on 5 July
2016 needs to be revised due to better results than expected in the
wind down of immigon. At present, immigon's wind-down plan shows that
upon completion of the liquidation of immigon a redemption value of
the Preferred Securities of more than 30 % of the nominal value can
be expected. From today's perspective it is more likely than not that
the redemption value will be more than 50 % but significantly less
than 100 % of the nominal value. It is noted that the amount and the
point in time of the payment cannot be predicted more precisely at
present, because the results of the winddown and of the formal
liquidation of immigon will have to be available. Having said this,
in the specific situation of immigon as winddown company there are
also scenarios conceivable resulting in a redemption value of up to
100 %, but also of less than 50 %. immigon is a wind-down company in
accordance with the Federal Act on the Recovery and Resolution of
Banks (BaSAG) and is thus exposed to uncertainties and risks in its
winddown process, including risks related to the proceeds achievable
in the course of the sale of its assets, outstanding loans, higher
expenses and warranty claims.

Mandatory information pursuant to the Disclosure and Notification
Regulation (Veröffentlichungs- und Meldeverordnung - VMV): The
following issues of participation capital (Partizipationskapital) of
immigon are admitted to trading on a regulated market in a Member
State of the European Economic Area: ISIN: XS0359924643 EUR
500.000.000 Perpetual Non Cumulative Participation Capital
Certificates (issued by Banque de Luxembourg as trustee)

The five exchange-listed bonds issued by immigon with the highest
nominal volume outstanding are:

ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462,
AT000B059456

Securities issued by immigon are admitted to trading on the following
stock exchang-es:

Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
Regulated Market of Luxembourg Stock Exchange
Open market (Freiverkehr) of Berlin Stock Exchange
Open market (Freiverkehr) of Stuttgart Stock Exchange
Open Market (Freiverkehr) of Frankfurt Stock Exchange

Further inquiry note:
Thomas Heimhofer
immigon portfolioabbau ag
Mobil: +43 (0) 676 790 7890
Mail to: thomas.heimhofer@immigon.com

end of announcement euro adhoc
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issuer: immigon portfolioabbau ag
Peregringasse 2
A-1090 Wien
phone: +43 (0)1 313 40-0
mail: info@immigon.com
WWW: www.immigon.com
sector: Banking
ISIN: AT000B056544, AT000B053442, XS0275528627, AT000B060462,
AT000B115902
indexes:
stockmarkets: free trade: Berlin, Stuttgart, regulated dealing: Luxembourg Stock
Exchange, Regulated free trade: Wien
language: English

Original-Content von: immigon portfolioabbau ag, übermittelt durch news aktuell