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TAG Immobilien AG TAG approves extensive share buy-back - Plans to move Rolf Elgeti from Executive Board to Supervisory Board
DGAP-News: TAG Immobilien AG / Key word(s): Share Buyback
TAG Immobilien AG TAG approves extensive share buy-back - Plans to
move Rolf Elgeti from Executive Board to Supervisory Board
11.09.2014 / 17:30
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PRESS RELEASE
TAG approves extensive share buy-back - Plans to move Rolf Elgeti from
Executive Board to Supervisory Board
Hamburg (11 September 2014) - The Executive Board and Supervisory Board of
TAG Immobilien AG ('TAG') - given the company's high cash position and
recent developments in the German housing market - today resolved to
repurchase own shares worth up to 10% of the share capital. This
corresponds to as many as 13,129,831 shares at a price in the range from
EUR 8.35 to EUR 9.35 per share.
TAG's transformation into a stable, efficient housing company has been
completed. This implies that the task profile for the management has
changed. CEO Rolf Elgeti regards his mission as completed and has therefore
requested to be released early from his duty as CEO with effect from 31
October 2014. The Supervisory board has accepted his request. Mr Elgeti is
prepared to take a seat on the Supervisory Board.
Upon successfully completing the buyback process, TAG will host an
extraordinary General Meeting to propose to its shareholders a new
authorization for additional share repurchases and - provided more than 25%
of shareholders support this - Mr Elgeti's election to the Supervisory
Board.
The TAG Executive Board and Supervisory Board today decided to submit to
all TAG shareholders a public offer to repurchase for cash as many as
13,129,831 own shares, representing 10% of the share capital, at a price
ranging from EUR 8.35 to EUR 9.35 per share. This offer will be executed as
a modified 'Dutch auction'. The offer price, which will be the same for all
shares, is calculated based on the total number of shares tendered by the
shareholders, and the price determined by the shareholders within the offer
price range. It is the lowest price within the offer price range correspond
to the TAG can purchase up to 13,129,831 shares. The Acceptance Period is
currently scheduled to begin on 15 September 2014 and to end on October 14,
2014. TAG has appointed Kempen & Co. N.V. as the settlement agent for the
technical implementation of the share buyback, and Kempen & Co. NV and the
Close Brothers Bank AG as Information Agent for the offer. The offer
document, which is expected to be published in the Federal Gazette on 15
PRESS RELEASE
TAG approves extensive share buy-back - Plans to move Rolf Elgeti from
Executive Board to Supervisory Board
Hamburg (11 September 2014) - The Executive Board and Supervisory Board of
TAG Immobilien AG ('TAG') - given the company's high cash position and
recent developments in the German housing market - today resolved to
repurchase own shares worth up to 10% of the share capital. This
corresponds to as many as 13,129,831 shares at a price in the range from
EUR 8.35 to EUR 9.35 per share.
TAG's transformation into a stable, efficient housing company has been
completed. This implies that the task profile for the management has
changed. CEO Rolf Elgeti regards his mission as completed and has therefore
requested to be released early from his duty as CEO with effect from 31
October 2014. The Supervisory board has accepted his request. Mr Elgeti is
prepared to take a seat on the Supervisory Board.
Upon successfully completing the buyback process, TAG will host an
extraordinary General Meeting to propose to its shareholders a new
authorization for additional share repurchases and - provided more than 25%
of shareholders support this - Mr Elgeti's election to the Supervisory
Board.
The TAG Executive Board and Supervisory Board today decided to submit to
all TAG shareholders a public offer to repurchase for cash as many as
13,129,831 own shares, representing 10% of the share capital, at a price
ranging from EUR 8.35 to EUR 9.35 per share. This offer will be executed as
a modified 'Dutch auction'. The offer price, which will be the same for all
shares, is calculated based on the total number of shares tendered by the
shareholders, and the price determined by the shareholders within the offer
price range. It is the lowest price within the offer price range correspond
to the TAG can purchase up to 13,129,831 shares. The Acceptance Period is
currently scheduled to begin on 15 September 2014 and to end on October 14,
2014. TAG has appointed Kempen & Co. N.V. as the settlement agent for the
technical implementation of the share buyback, and Kempen & Co. NV and the
Close Brothers Bank AG as Information Agent for the offer. The offer
document, which is expected to be published in the Federal Gazette on 15
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