ING Groep N.V. has issued 5,215,790 (depositary receipts for) ordinary shares to fulfil the obligation arising out of the employee share plans. ING employees are granted conditional shares which become unconditional after three years if the employee remains at ING. The share plans granted in 2004 became unconditional at 15 March 2007. The total number of shares outstanding is now 2,211 million.
Of the newly issued shares ING bought back 4,075,830 at the opening price (EUR 30.48) at 15 March 2006 for the delta hedge book, which is used to hedge employee options, from employees who wished to sell their shares immediately.
The delta hedge position is adjusted periodically, mainly on a quarterly basis, during the open period in accordance with regulatory requirements and ING's policies to prevent market manipulation.
The hedge book currently holds 53.8 million (depository receipts for) ordinary ING shares, representing 2.4 % of the total shares outstanding.
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Press enquiries:
Carolien van der Giessen, ING Group +31 20 541 6522, carolien.van.der.giessen@ing.com |
ING is a global financial institution of Dutch origin offering banking, insurance and asset
management to over 60 million private, corporate and institutional clients in more than 50 countries.
With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of
prominent companies that increasingly serve their clients under the ING brand.
