Offer Period for WestLB Discount Certificates on Shares of Münchener Rückversicherungs AG Begins
For investors anticipating rising share prices and who are interested in investing in the equity market, WestLB AG, Düsseldorf/Münster, is issuing up to 500,000 discount certificates on shares of Münchener Rückversicherungs AG. The offer period commences today and ends on October 31, 2003.
Discount certificates offer the investor the opportunity to achieve a return of approx. 6% p.a. in view of the discount. On the maturity date (December 7, 2004) the holder of a discount certificate will receive
- In the case that the share price is quoted under the maximum amount (cap) fixed on the issue date of the certificate on the determination date (November 30, 2004), the underlying shares will be delivered according to the ratio
- Should the closing price of the share be quoted equally or above the cap, the investor will receive a cash settlement in height of the cap per certificate.
The ratio is 1:1, i.e. one discount certificate controls one Münchener Rückversicherungs AG share. The initial selling price, the reference price and the cap will be fixed on November 3, 2003 at 4:30 p.m. Payment date is November 7, 2003. The certificates will be listed on the Düsseldorf, Frankfurt and Stuttgart (EUWAX) Stock Exchanges. Trading starts on November 7, 2003.