Prospectus (The "Rights Offering")
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BINCKBANK N.V. (a public limited liability company incorporated in The Netherlands with its statutory seat in Amsterdam, The Netherlands) 3 for 2 rights offering of 46,256,105 new ordinary shares to existing holders of ordinary shares at an issue price of €8.32 per ordinary share On 30 October 2007, BinckBank N.V. ("BinckBank" or the "Company") announced its intention for the acquisition of the unincorporated business that currently forms part of Coöperatieve Raiffeisen-Boerenleenbank B.A. ("Rabobank") which provides online trading capabilities in securities, options and other financial instruments, as well as certain other banking, advisory and asset management services under the trade name Alex Beleggersbank ("Alex") (the "Acquisition"). BinckBank anticipates to fund the Acquisition partly with the net proceeds of the Offering (as defined below). The Acquisition is made for a cash consideration of €390 million1 and is expected to close as at 31 December 2007. BinckBank is offering 46,256,105 new ordinary shares with a nominal value of €0.10 each (the "Offer Shares"), initially by granting the existing holders of ordinary shares in the capital of BinckBank with a nominal value of €0.10 each (the "Ordinary Shares") as at the Record Date (as defined below) the right to subscribe for the Offer Shares pro rata to their holdings in the Ordinary Shares, at an issue price of €8.32 per Offer Share (the "Issue Price"), subject to applicable securities laws and on the terms set out in this Prospectus (the "Rights Offering"). These transferable subscription rights (the "Rights") will entitle the holders thereof to subscribe for the Offer Shares at the Issue Price, provided that the holder is an Eligible Person (as defined in "Definitions"). Each Shareholder (as defined in "Definitions") holding Ordinary Shares immediately following the close of trading in the Ordinary Shares on Euronext Amsterdam by NYSE Euronext ("Euronext Amsterdam") at 17:40 hours, Central European Time ("CET"), on 27 November 2007 (the "Record Date"), will be entitled to one Right for each Ordinary Share held. An Eligible Person will be entitled to subscribe for 3 Offer Shares for every 2 Rights held. Accordingly, Eligible Persons will have the right to subscribe for 3 Offer Shares for every 2 Ordinary Shares held on the Record Date. Eligible Persons may, subject to applicable securities laws, subscribe for Offer Shares through the exercise of Rights from 9:00 hours CET on 28 November 2007 until 15:30 hours CET on 10 December 2007 (the "Subscription Period"). An Eligible Person can only validly exercise his Rights before the end of the Subscription Period. After the Subscription Period has ended, an Eligible Person will no longer be able to exercise his Rights and his Rights will lapse. Once an Eligible Person has validly exercised his Rights, he cannot revoke or modify that exercise except as otherwise provided in this Prospectus (see "The Offering – Subscription Period"). Application will be made for the admission to trading of the Rights on Euronext Amsterdam. BinckBank expects that trading in the Rights will commence on Euronext Amsterdam on or about 9:00 hours CET on 28 November 2007 and will cease on or about 13:15 hours CET on 10 December 2007, barring unforeseen circumstances. After the Subscription Period has ended, any Offer Shares that were issuable upon the exercise of Rights, but have not been subscribed for during the Subscription Period (the "Rump Shares") will be offered for sale by way of a private placement to institutional investors in The Netherlands, Belgium or elsewhere by Fortis Bank (Nederland) N.V. ("Fortis") and ING Bank N.V. ("ING") (the "Joint Global Coordinators") subject to the terms and conditions of an underwriting agreement between the Company and the Joint Global Coordinators dated 26 November 2007 (the "Underwriting Agreement") (the "Rump Offering"). The Rump Offering is expected to commence on 09:00 hours CET and to end no later than 17:30 hours CET on 11 December 2007. The Joint Global Coordinators have agreed to procure subscribers for any Rump Shares at a price per Rump Share which is at least equal to the Issue Price plus any expenses related to procuring such subscribers (including any value added tax). Any Rump Shares not sold in the Rump Offering will be subscribed and paid for by the Joint Global Coordinators at the Issue Price, subject to the terms and conditions of the Underwriting Agreement. References herein to the 'Offer Shares' include the Rump Shares (except where otherwise specified). The Rights Offering and the Rump Offering together are referred to as the "Offering". The statutory pre-emptive rights (wettelijke voorkeursrechten) of Shareholders have been excluded for the purposes of the Offering. BinckBank is not taking any action to permit a public offering of the Offer Shares in any jurisdiction outside The Netherlands and Belgium. The Rights are being granted by the Company and the Offer Shares are being offered by the Company only in those jurisdictions in which, and only to those persons to whom, granting of the Rights and offers of the Offer Shares (pursuant to the exercise of Rights or otherwise) may lawfully be made. The Rights and the Offer Shares have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), and may not be offered, granted, issued, sold, taken up, delivered, renounced or transferred in or into the United States. Accordingly, the Rights are being granted and the Offer Shares are being offered by the Company only in transactions that are exempted from registration under the Securities Act pursuant to Regulation S thereunder ("Regulation S"). Potential investors in the Rights or the Offer Shares should carefully read "Selling and Transfer Restrictions". Investing in the Offer Shares and trading in the Rights involves certain risks. See "Risk Factors" for a discussion of certain factors that should be considered before investing in the Offer Shares or trading in the Rights. Application will be made for the listing of the Offer Shares on Euronext Amsterdam. BinckBank expects that the Offer Shares will be listed, and that trading in the Offer Shares will commence, on Euronext Amsterdam, at 9:00 hours CET on 14 December 2007, barring unforeseen circumstances. It is expected that payment for and delivery of the Offer Shares will be made on or about 14 December 2007 (the "Closing Date"). The Ordinary Shares are admitted to trading on Euronext Amsterdam under the symbol "BINCK". On 26 November 2007, the closing price of the Ordinary Shares on Euronext Amsterdam was €14.98 per Ordinary Share. The Rights and the Offer Shares will be delivered through the book-entry systems of Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V. ("Euroclear Nederland"). If the closing of the Offering does not take place on the Closing Date, the Offering may be withdrawn. In such an event, both the exercised and unexercised Rights will be forfeited without compensation to their holders, and subscriptions for and allotments of Offer Shares that have been made will be disregarded. Any subscription payments received by the Company will be returned, without interest. Any such forfeiture of Rights will be without prejudice to the validity of any settled trades in the Rights. There will be no refund in respect of any Rights purchased in the market. All dealings in Rights prior to the closing of the Offering are at sole risk of the parties concerned. Euronext does not accept any responsibility or liability to any person as a result of the withdrawal of the Offering or (the related) annulment of any transactions in Rights on Euronext Amsterdam. The Company, the Subscription Agent and the Joint Global Coordinators do not accept any responsibility or liability to any person as result of the withdrawal of the Offering or (the related) annulment of any transactions in Rights on Euronext Amsterdam. This document constitutes a prospectus for the purposes of Article 3 of Directive 2003/71/EC (the "Prospectus Directive") and has been prepared in accordance with Chapter 5.1 of the Dutch Financial Supervision Act (Wet op het financieel toezicht) (the "FSA") and the rules promulgated thereunder (the "Prospectus"). This Prospectus has been approved by and filed with the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) (the "AFM") and passported into Belgium for the purpose of conducting a public offer in Belgium. To facilitate the passporting of this Prospectus into Belgium, the AFM provided the Belgian supervisory authority, the Banking, Finance and Insurance Commission (the "CBFA"), with this Prospectus and a certificate of approval (in accordance with Article 18 of the Prospectus Directive). The Prospectus is made available in accordance with applicable laws and includes a Dutch summary. Joint Global Coordinators and Joint Bookrunners Fortis ING Wholesale Banking Prospectus dated 26 November 2007 1 Based on the expected net asset value of Alex on the closing date of the Acquisition of €3.0 million. In case the net asset value of Alex on the closing date of the Acquisition differs from €3.0 million, the exact consideration for the Acquisition will be adjusted accordingly. However, from the business sale agreement it follows that any upward adjustment will not exceed €1.0 million and any downward adjustment will not exceed €3.0 million. Table of contents 1. Summary 1 1.1 Summary of the business 1 1.2 Summary of the Offering 4 1.3 Summary of financial information 10 2. Risk Factors 12 2.1 Risks relating to the Company's business 12 2.2 Risks relating to the Acquisition and the business of the Combination 16 2.3 Risks relating to the Rights and the Ordinary Shares 18 3.