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IMMOFINANZ AG: Approval and execution of settlement to finalise the review of the exchange ratio applied in the merger of IMMOEAST and IMMOFINANZ
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DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Miscellaneous |
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IMMOFINANZ AG: Approval and execution of settlement to finalise the review of the exchange ratio applied in the merger of IMMOEAST and IMMOFINANZ
The commercial court in Vienna has approved the settlement to end the legal review of the exchange ratio applied in the merger of IMMOEAST and IMMOFINANZ in 2010. The capital increase for the issuance of shares was entered in the commercial register today. The shares are expected to be allocated on 30 May 2017.
As announced in the ad-hoc release of 5 April 2017, the settlement provides for a compensation payment to the group of former IMMOEAST shareholders through distribution of additional IMMOFINANZ shares (ISIN AT0000809058) at a ratio of 0.088 IMMOFINANZ AG shares per former IMMOEAST share (ISIN AT000A0GYT7). Approximately 340.7 million former IMMOEAST shares carry entitlement to compensation.
Share allocation
In total, 29,985,306 additional IMMOFINANZ shares will be distributed. Of these, 16,948,049 shares are from the present company stock of treasury shares. The remaining 13,037,257 shares, corresponding to approximately 1.25% of the current share capital, are new shares issued from the existing authorised share capital (§225j (2) of the Austrian Stock Corporation Act). The compensation payment is reported in the IMMOFINANZ consolidated financial statements as a transaction with shareholders and therefore recorded directly in equity without recognition through profit or loss.
IMMOFINANZ AG: Approval and execution of settlement to finalise the review of the exchange ratio applied in the merger of IMMOEAST and IMMOFINANZ
The commercial court in Vienna has approved the settlement to end the legal review of the exchange ratio applied in the merger of IMMOEAST and IMMOFINANZ in 2010. The capital increase for the issuance of shares was entered in the commercial register today. The shares are expected to be allocated on 30 May 2017.
As announced in the ad-hoc release of 5 April 2017, the settlement provides for a compensation payment to the group of former IMMOEAST shareholders through distribution of additional IMMOFINANZ shares (ISIN AT0000809058) at a ratio of 0.088 IMMOFINANZ AG shares per former IMMOEAST share (ISIN AT000A0GYT7). Approximately 340.7 million former IMMOEAST shares carry entitlement to compensation.
Share allocation
In total, 29,985,306 additional IMMOFINANZ shares will be distributed. Of these, 16,948,049 shares are from the present company stock of treasury shares. The remaining 13,037,257 shares, corresponding to approximately 1.25% of the current share capital, are new shares issued from the existing authorised share capital (§225j (2) of the Austrian Stock Corporation Act). The compensation payment is reported in the IMMOFINANZ consolidated financial statements as a transaction with shareholders and therefore recorded directly in equity without recognition through profit or loss.
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