WestLB Issues Discount Certificates on Shares of Munich Re AG
WestLB AG, Düsseldorf/Münster, is offering up to 500,000 discount certificates on shares of Münchener Rückversicherungs AG for investors who are expecting share prices to rise and would like to make an investment in the stock market.
Cap in € Reference in € Initial Selling Price in €
84.12 105.15 78.99
Under the terms and conditions of the issue, the holder of a discount certificate is entitled on December 7, 2004 to receive from WestLB
- either a cash settlement in height of the cap if the closing price of the share on the determination date (November 30, 2004) is quoted equally or above the cap, or
- a number of shares of Münchener Rückversicherungs AG if the closing price of the share on the determination date is quoted under the cap.
The ratio is 1:1, i.e. one discount certificate controls one share. In the event of a share delivery, WestLB undertakes to make a cash settlement for certificates which exceed the minimum trading volume or a multiple thereof. Payment date is November 7, 2003. The certificates will be listed on the Düsseldorf, Frankfurt (Smart Trading) and Stuttgart (EUWAX) Stock Exchanges ("Freiverkehr"). Trading commences on November 7, 2003.