Van Der Moolen Holding Completes Sale of 780.000 Own Shares.Business Editors AMSTERDAM, Netherlands--(BUSINESS WIRE)--April 22, 2004 Van der Moolen Van der Moolen is a Dutch equity trading firm, with its headquarters located in Amsterdam. They are mainly active in the United States and in Europe, particularly in the Netherlands, France, Germany, Switzerland and the United Kingdom. has successfully completed the sale of 780.000 ordinary shares that were previously held in treasury. As announced in an earlier press release today, the sale follows a policy change with regard to the hedging of future obligations arising from Van der Moolen's employee stock options plan. Our previous 100% hedge policy has been replaced by a delta hedge Delta hedge A dynamic hedging strategy using options that calls for constant adjustment of the number of options used, as a function of the delta of the option. policy. As a result, Van der Moolen has now brought down the number of its own shares it holds in portfolio. The 780.000 shares were sold at a price of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 7.23 per share in cash, generating proceeds of approximately EUR 5.6 million. The transaction strengthens Van der Moolen's solvency, as the entire proceeds will be added to Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. . 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 Open Outcry A method of trading on a commodity exchange by making verbal bids and offers in the trading pits. Notes: A contract is made if one trader cries out that he wants to sell at a certain price and then another trader yells out that he will buy at that same price. and electronic markets in several time zones. On the NYSE NYSE See: New York Stock Exchange , 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 See Virtual DOS Machine and CGM. 1. VDM - Vienna Definition Method 2. VDM - Virtual Device Metafile. ). 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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. |
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