EQS-Adhoc
Orascom Development Holding AG: Khaled Bichara to become Chief Executive Officer of Orascom Development Holding (ODH), Accelero to provide advisory services, announcement of intention for capital increase - Seite 2
to assume the role of the CFO within the next five months. Dr. Tooma, board
member and ad-interim Chief Financial Officer, has agreed to maintain his
interim function until the sign-off of the financials for the FY 2015,
which is expected at the end of April 2016. Thereafter, Dr. Tooma will
continue to serve as a board member at least until the next
general shareholder meeting.
Subject to approval by the ODH's shareholders' annual general meeting in
2016, Mr. Bichara will be entitled to a fixed base salary and to a
contingent compensation pursuant to an agreed formula. According to this
formula, Mr. Bichara will, subject to certain conditions, be awarded 10% of
the incremental market capitalization of ODH above a hurdle rate of 8% per
annum. The award accrues over a vesting period of six years and is subject
to usual forfeiture and acceleration provisions.
Intention for capital increase to support real estate development
initiatives
In order to strengthen its financial resources and to support the further
financing of the real estate developments required to meet the minimum
build obligations in Oman and Montenegro for 2016 and 2017, ODH intends to
increase its share capital by up to approximately CHF 278 million. Subject
to market conditions, the capital increase is expected to be executed
before the end of the year. The current intention is to conduct a capital
increase by way of a rights offering with a fixed offer price set near the
average ODH trading price.
The new registered shares shall be issued utilizing the ODH Board of
Director's existing authorization to increase the share capital by issuing
a maximum of up to 12'000'000 fully paid-up registered shares. It is
intended that a part of the new shares will be created by converting
available reserves into share capital. The offer price will hence be below
the par value. Holders of our Egyptian Depository Receipts ("EDRs") will be
able to exercise the Rights relating to the Shares underlying the EDRs
through the central depositary for the EDRs, Misr for Clearing, Settlement,
and Central Depository (MCSD).
Our main shareholder Samih O. Sawiris intends to participate, directly or
indirectly through controlled entities, in the capital increase through
the exercise of all of the subscription rights allotted to him (or to
entities controlled by him) by way of setting off his existing loan
granted to ODH against the aggregate offer price of such offered shares. In
addition, Samih O. Sawiris, directly or indirectly through controlled
initiatives
In order to strengthen its financial resources and to support the further
financing of the real estate developments required to meet the minimum
build obligations in Oman and Montenegro for 2016 and 2017, ODH intends to
increase its share capital by up to approximately CHF 278 million. Subject
to market conditions, the capital increase is expected to be executed
before the end of the year. The current intention is to conduct a capital
increase by way of a rights offering with a fixed offer price set near the
average ODH trading price.
The new registered shares shall be issued utilizing the ODH Board of
Director's existing authorization to increase the share capital by issuing
a maximum of up to 12'000'000 fully paid-up registered shares. It is
intended that a part of the new shares will be created by converting
available reserves into share capital. The offer price will hence be below
the par value. Holders of our Egyptian Depository Receipts ("EDRs") will be
able to exercise the Rights relating to the Shares underlying the EDRs
through the central depositary for the EDRs, Misr for Clearing, Settlement,
and Central Depository (MCSD).
Our main shareholder Samih O. Sawiris intends to participate, directly or
indirectly through controlled entities, in the capital increase through
the exercise of all of the subscription rights allotted to him (or to
entities controlled by him) by way of setting off his existing loan
granted to ODH against the aggregate offer price of such offered shares. In
addition, Samih O. Sawiris, directly or indirectly through controlled
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