Annual shareholders' meeting passes resolution on the issue of equity settled options
(Thomson Reuters ONE) -
Drägerwerk AG & Co. KGaA / Annual shareholders' meeting passes resolution on the issue of equity settled options processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Lübeck - The annual shareholders' meeting of Drägerwerk AG & Co. KGaA has passed
the resolution proposed by the general partner and the Supervisory Board on
replacing the variable component of the purchase price of the 25 percent share
in the medical division with the issue of an equity settled option. Apart from
the fixed component of the purchase price of EUR 243.5 million (EUR 175 million
in cash and a vendor note of EUR 68.5 million issued by Siemens), Siemens and
Dräger had agreed on a variable purchase price component, which is based on the
development of the preferred share and capped at a maximum of EUR 50 million
(cash settled option).
Equity base improved - liquidity saved
In order to issue the equity settled option on preferred shares, the common
stock must be increased by issuing new common shares. Should the option be
exercised after this increase has been carried out, Dräger will issue new
preferred shares instead of paying cash. By replacing the cash option component
with an equity instrument, the company's equity base will be improved. "This
enables us to save our liquidity, which we can then use for achieving additional
net sales and earnings potential," explains Stefan Dräger, Chairman of the
Executive Board of Drägerwerk Verwaltungs AG. Although the option would no
longer be capped at EUR 50 million, EUR 8.5 million of Dräger's note loan would
be written off. In addition, it would no longer be required to recognize
fluctuations in the value of the option in the balance sheet. This effect would
otherwise have been able to impact the development of the Dräger share. "This
problem has been solved with today's decision and no longer stands in the way of
a positive share price development," says Dräger.
Shareholder-friendly dividend policies
"Now more than ever, we would like to involve you, our shareholders, in the
success of our company," announced Dräger at the annual shareholders' meeting.
"As soon as we have achieved an equity ratio of 30 percent, we will propose to
distribute around 30 percent of our net profit as a dividend for shareholders
and owners of participation certificates." Replacing the variable purchase price
component with an equity settled option would be an important step in that
direction.
Disclaimer
This press release contains forward-looking statements regarding the future
development of the Dräger Group. These forward-looking statements are based on
the current expectations, presumptions, and forecasts of the Executive Board as
well as the information available to it to date and have been prepared to the
best of its knowledge and belief. No guarantee or liability for the occurrence
of the future developments and results specified can be assumed in respect of
such forward-looking statements. Rather, the future developments and results are
dependent on a number of factors. They entail risks and uncertainties beyond our
control and are based on assumptions which could prove to be incorrect.
Notwithstanding any legal requirements to adjust forecasts, we assume no
obligation to update the forward-looking statements contained in this report.
You will find all key financial dates on our website at www.draeger.com
Contact
Corporate Communications:
Burkard Dillig
Tel. +49 451 882-2185
burkard.dillig(at)draeger.com
Investor Relations:
Vanina Herbst
Tel. +49 451 882-2685
vanina.herbst(at)draeger.com
Drägerwerk AG & Co. KGaA
Moislinger Allee 53-55
23542 Lübeck, Germany
www.draeger.com
[HUG#1413228]
--- End of Message ---
Drägerwerk AG & Co. KGaA
Moislinger Allee 53-55 Lübeck Germany
ISIN: DE0005550636;
Listed: Freiverkehr in Börse Stuttgart,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse,
Regulierter Markt in Bayerische Börse München,
Regulierter Markt in Börse Berlin,
Regulierter Markt in Hanseatische Wertpapierbörse zu Hamburg,
Regulierter Markt in Börse Düsseldorf,
Regulierter Markt in Niedersächsische Börse zu Hannover;
Press release (PDF): http://hugin.info/135701/R/1413228/365306.pdf
Unternehmensinformation / Kurzprofil:
Datum: 09.05.2010 - 19:18 Uhr
Sprache: Deutsch
News-ID 20528
Anzahl Zeichen: 0
contact information:
Town:
Lübeck
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 339 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Annual shareholders' meeting passes resolution on the issue of equity settled options"
steht unter der journalistisch-redaktionellen Verantwortung von
Drägerwerk AG & Co. KGaA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
