DGAP-News
IMMOFINANZ shareholders approve the BUWOG spin-off
DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Miscellaneous
IMMOFINANZ shareholders approve the BUWOG spin-off
14.03.2014 / 14:39
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At today's extraordinary general meeting in Vienna, the shareholders of
IMMOFINANZ AG approved the planned spin-off of 51% of the shares in the
residential property subsidiary BUWOG AG with a clear majority. The
spin-off was approved by 99.96% of the votes cast, whilst an approval of at
least 75% was required.
"This decision by our shareholders will allow IMMOFINANZ Group to simplify
its structure, focus its strategy and establish the structural requirements
for a more appropriate valuation of both companies - IMMOFINANZ and BUWOG -
in the capital market", indicated IMMOFINANZ CEO Eduard Zehetner. "We see
BUWOG as an attractive investment. This conviction is reflected, among
other aspects, in our 49% investment, which we will retain in a first
step."
Daniel Riedl, CEO of BUWOG, added: "BUWOG is well-positioned to benefit
from opportunities currently available in both home markets - Germany and
Austria - with its integrated and sustainable business model and
conservative capital and financing structure. An independent presence and
direct access to the capital market will allow the company to better
realise its growth potential."
The spin-off will take effect when it is recorded in the company register.
This is expected, at the earliest, on 25 April 2014. All shares of BUWOG AG
(ISIN AT00BUWOG001) will then be admitted for trading on the regulated
market of the Frankfurt Stock Exchange (main listing), the Vienna Stock
Exchange (prime market) and in the main market of the Warsaw Stock
Exchange. The first trading day is expected to be 28 April 2014 in
Frankfurt and Vienna and 29 April 2014 in Warsaw. For technical reasons,
trading in the shares of IMMOFINANZ AG (ISIN AT0000809058) will most likely
be suspended from 23 April up to and including 28 April 2014 on the Warsaw
Stock Exchange. In Vienna, IMMOFINANZ shares can be bought or sold on all
trading days.
The allocation of the BUWOG shares will be made on the basis of the
respective security holdings of IMMOFINANZ shares at the end of the bank
working day prior to the allocation date, i.e. most likely on 25 April
2014. The shareholders of IMMOFINANZ AG will receive one BUWOG share for
every 20 IMMOFINANZ shares (the number of IMMOFINANZ shares held by each
individual shareholder will not be affected by the spin-off). Fractions of
IMMOFINANZ AG approved the planned spin-off of 51% of the shares in the
residential property subsidiary BUWOG AG with a clear majority. The
spin-off was approved by 99.96% of the votes cast, whilst an approval of at
least 75% was required.
"This decision by our shareholders will allow IMMOFINANZ Group to simplify
its structure, focus its strategy and establish the structural requirements
for a more appropriate valuation of both companies - IMMOFINANZ and BUWOG -
in the capital market", indicated IMMOFINANZ CEO Eduard Zehetner. "We see
BUWOG as an attractive investment. This conviction is reflected, among
other aspects, in our 49% investment, which we will retain in a first
step."
Daniel Riedl, CEO of BUWOG, added: "BUWOG is well-positioned to benefit
from opportunities currently available in both home markets - Germany and
Austria - with its integrated and sustainable business model and
conservative capital and financing structure. An independent presence and
direct access to the capital market will allow the company to better
realise its growth potential."
The spin-off will take effect when it is recorded in the company register.
This is expected, at the earliest, on 25 April 2014. All shares of BUWOG AG
(ISIN AT00BUWOG001) will then be admitted for trading on the regulated
market of the Frankfurt Stock Exchange (main listing), the Vienna Stock
Exchange (prime market) and in the main market of the Warsaw Stock
Exchange. The first trading day is expected to be 28 April 2014 in
Frankfurt and Vienna and 29 April 2014 in Warsaw. For technical reasons,
trading in the shares of IMMOFINANZ AG (ISIN AT0000809058) will most likely
be suspended from 23 April up to and including 28 April 2014 on the Warsaw
Stock Exchange. In Vienna, IMMOFINANZ shares can be bought or sold on all
trading days.
The allocation of the BUWOG shares will be made on the basis of the
respective security holdings of IMMOFINANZ shares at the end of the bank
working day prior to the allocation date, i.e. most likely on 25 April
2014. The shareholders of IMMOFINANZ AG will receive one BUWOG share for
every 20 IMMOFINANZ shares (the number of IMMOFINANZ shares held by each
individual shareholder will not be affected by the spin-off). Fractions of