On Friday, 1 February 2019, the Brussels Court of Appeal ruled in favour of Ageas, dismissing all claims initiated by former Mandatory Convertible Securities holders.
The Mandatory Convertible Securities (MCS) were unsecured and subordinated convertible bonds with a nominal amount of EUR 2 billion, issued on 7 December 2007 by the former Fortis Group*. In accordance with the terms of the MCS, the bonds were converted into Fortis (now Ageas) shares on 7 December 2010.
The plaintiffs requested the annulment of the conversion of the MCS into Ageas shares or, alternatively, provisional compensatory damages and the appointment of an expert to determine their exact damage.
On Friday 1 February 2019, the Brussels Court of Appeal dismissed these claims, which means that the conversion of the MCS into Ageas shares on 7 December 2010 remains unaffected and no compensation is due to the former MCS holders.
Ageas welcomes this judgment as another positive step forward in solving the legacy issues from the past, allowing the company to focus on its insurance activities.
*Consisting of the Fortis Bank Nederland (Holding) N.V. (now ABN AMRO Bank N.V.), Fortis Bank SA/NV (now BNP Paribas Fortis SA/NV), Fortis SA/NV and Fortis N.V. (now ageas SA/NV)