AMSTERDAM, Netherlands--(BUSINESS WIRE)--Jan. 7, 2004--Van der
Moolen, specialists, market makers and proprietary traders, announced
today that it has signed an agreement to sell 100% of its Van der
Moolen UK Ltd. subsidiary (VDM Bonds) to Zions Bancorporation (Nasdaq:
ZION). The transaction is subject to approval by U.S. and U.K.
regulatory authorities, and closing is anticipated at the end of
March, 2004.
VDM Bonds was created in 2001 to provide fixed income liquidity in
less-than-wholesale transaction sizes to banks and other
intermediaries. As it has expanded its customer base and the inventory
of bonds for which it offers electronically auctionable markets, its
capital requirements have correspondingly increased. Van der Moolen,
as a non-bank entity, became concerned that constraints on its ability
to underwrite substantial further growth could prevent VDM Bonds from
achieving its full potential, and began to explore partnership
opportunities for the business in 2003. In the U.S., Zions
Bancorporation engages in activities similar to those of VDM Bonds,
and in discussion with them it soon became clear that they would be
VDM Bonds' ideal partners.
Van der Moolen will transfer its interest in VDM Bonds at book
value, and in the process reduce its Balance Sheet total
significantly.
For more information about Van der Moolen, please visit
www.vandermoolen.com.
Van der Moolen trades on the leading US and European equity,
option and fixed income exchanges. The group trades in open outcry and
electronic markets in several time zones. On the NYSE, Van der Moolen
currently has a market share of more than 10% of transaction volume
for which it acts as specialist. Van der Moolen's traders worldwide
execute an average of 75,000 trades a day. Turnover and price
volatility are the most important factors influencing its results.
Van der Moolen's shares are listed on Euronext Amsterdam
(VDMN.AS). American Depositary Receipts (ADRs) representing Van der
Moolen shares are listed on the NYSE (VDM).
Disclaimer:
Certain statements contained in this press release constitute
"forward-looking statements". These statements, which contain the
words "anticipate", "believe", "intend", "estimate", "expect", "hope",
and words of similar meaning, reflect management's beliefs and
expectations and are subject to risks and uncertainties that may cause
actual results to differ materially. As a result, readers are
cautioned not to place undue reliance on such forward-looking
statements, and are referred to the documents filed by the Company
with the US Securities and Exchange Commission, specifically the
Company's most recent filing on Form 20-F, which identify important
risk factors that could cause actual results to differ, including the
outcome of the NYSE inquiry and related civil litigation in U.S.
courts against Van der Moolen Holding, Van der Moolen Specialists USA,
and the members of the Management Board of the Holding. The Company
disclaims any obligation to update its view of such risks and
uncertainties or to publicly announce the result of any revisions to
the forward-looking statements made herein, except where it would be
required to do so under applicable law.
CONTACT: Van der Moolen
Investor Relations/Corporate Communications
Telephone: +31 (0)20 535 6789
SOURCE: Van der Moolen