Eastern Virginia Bankshares, Inc. Sets Record Date for Rights Offering
TAPPAHANNOCK, Va., April 18, 2013 /PRNewswire/ -- Eastern Virginia Bankshares, Inc. (NASDAQ: EVBS) (the "Company") announced today that it has set 5:00 p.m. eastern time on May 3, 2013 as the record date for its previously announced rights offering.
As previously announced, the Company plans to conduct a $5.0 million rights offering to allow shareholders to purchase common stock at $4.55 per share. The rights will be non-transferable and will have customary oversubscription privileges, provided that purchases through the rights offering will not be permitted to cause an individual shareholder's aggregate ownership of the Company's common stock to exceed 4.9% of the Company's common stock if the shareholder's ownership did not previously exceed 4.9%. If the rights offering is oversubscribed, subscriptions will be reduced proportionally based on the pro rata ownership of the common stock. No party will provide a "back stop" to the rights offering in the event it is undersubscribed.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Certain statements contained in this release that are not historical facts may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, certain statements may be contained in the Company's future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to statements of plans, objectives and expectations of the Company or its management or Board of Directors, including those relating to future events in connection with the conduct and terms of the rights offering. Words such as "believes," "anticipates," "expects," "intends," "targeted," "continue," "remain," "will," "should," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, failure to satisfy any conditions to the closing of the rights offering, changes in laws, regulations and the policies of federal or state regulators and agencies and other circumstances, many of which are beyond the Company's control.
Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions and projections within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance, actions or achievements of the Company will not differ materially from any future results, performance, actions or achievements expressed or implied by such forward-looking statements. Readers should not place undue reliance on such statements, which speak only as of the date of this report. The Company does not undertake any steps to update any forward-looking statement that may be made from time to time by it or on its behalf.
Contact: Adam Sothen
Chief Financial Officer
Voice: (804) 443-8404
Fax: (804) 445-1047
SOURCE Eastern Virginia Bankshares, Inc.