KBC Ancora and Cera
Cera has a substantial stake in KBC Ancora
KBC Ancora was virtually a wholly owned subsidiary of Cera until 12 January 2001. Since 13 January 2001, Cera has, by way of reimbursement on withdrawal, allocated 4,2 KBC Ancora shares for each cooperative D-share with which members withdraw from Cera (until 14 June 2007, before the stock split by a factor 1.4, 3 Almancora shares were allocated for each D-share). Withdrawal from Cera is in principle possible during the first half of a calendar year. As a result, Cera’s stake in KBC Ancora will, in principle, decline steadily. On the other hand, Cera can buy and sell KBC Ancora shares on the stock market as part of its investment policy.
KBC Ancora and Cera have an important role in the anchoring of KBC Group
As described under 'stable shareholder of KBC Group', Cera and KBC Ancora act as a single party with regard to their rights and duties under the terms of the shareholders’ agreement signed between Cera, KBC Ancora, MRBB and the other permanent shareholders.
Interwoven Boards of Directors
Cera and KBC Ancora have the same two managing directors (A directors' at Almancora Société de gestion). What's more, the five B directors' are drawn from the cera members' movement.
Cost-sharing agreement between KBC Ancora and Cera
KBC Ancora and Cera entered into a cost-sharing agreement to enhance the cost-efficiency of both parties’ operations. A budget is drawn up annually, setting out the different costs within the cost-sharing agreement. KBC Ancora reimburses Cera for part of these costs every six months on a pro rata basis. Settlement then occurs at the end of each calendar year based on the actual costs. The following cost-billing percentages have applied since 1 January 2016:
- Management/Board/consulting and auditing: 20%
- Support costs: 20%
- Costs of managing financial unit: 50%
- Member and Capital Administration costs: 5%
- Communication: 20%
What if you’re a member of Cera?
If you own D-shares in Cera, you will receive 4.2 KBC Ancora shares for each of those D-shares you withdraw. In principle you can only voluntarily withdraw in the first half of the year, i.e. between 1 January and 30 June.
If you choose to hold on to your D-shares, their value will evolve in parallel with the value of the underlying KBC Ancora shares. What’s more, you also build up a ‘dividend piggy bank’ that is advantageous from a tax point of view: the difference between the dividend on 4,2 KBC Ancora shares and the dividend on one single D-share is saved up and capitalized for you. The ‘piggy bank’ will be paid out to you in cash at the moment of your actual withdrawal, together with the KBC Ancora shares to which you are entitled. Upon withdrawing your D-shares, your KBC Ancora shares are placed in a securities account at KBC. You can then choose whether to keep the KBC Ancora shares in your securities account or to trade them on the stock exchange.