DGAP-News: Praktiker bond: Second Bondholder Meeting on 9 January 2013
(firmenpresse) - DGAP-News: Charles Barker Corporate Communications GmbH / Key word(s):
Bond/Legal Matter
Praktiker bond: Second Bondholder Meeting on 9 January 2013
20.12.2012 / 11:53
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Frankfurt am Main, 20 December 2012 - Praktiker AG (WKN: A1H3JZ)
announced the organization of a bondholder meeting on 9 January 2013. This
bondholder meeting follows a bondholder voting without meeting on 24-27
September 2012 which failed to achieve the required quorum. The Praktiker
bondholders are seeking to appoint a joint representative that will serve
their interests during the ongoing restructuring of Praktiker.
A group of bondholders including Alandsbanken Asset Management has
initiated the meeting. The group proposes to install Dr. Ingo Scholz as
their joint representative. Dr. Scholz is partner at the law firm Ashurst
LLP. He is specialized in corporate finance and debt restructuring. In the
past he acted as joint representative for bondholders e.g. in Arcandor and
Deutsche Nickel.
Pontus Soramäki from Alandsbanken explains: 'Praktiker's recent capital
measures have improved its liquidity and strenghtened its equity base. At
the same time, the company has pledged its most valuable asset, Max Bahr,
to new debt providers. A joint representative will allow the bondholders to
monitor the intended restructuring and safeguard their interests in case of
possible additional funding requirements. The bondholders are Praktiker's
largest creditor group. We should be included in any decision regarding the
company's capital structure.'
The bondholder meeting on 9 January 2013 will take place through physical
meeting. The meeting will start at 11:00am CET at the following address
(admission from 9:00am CET):
Saarlandhalle
An der Saarlandhalle 1
66113 Saarbrucken, Germany
Praktiker bondholders who cannot attend the meeting in Saarbrucken may vote
through a power of attorney. More information on voting by power of
attorney and on further required proof for the eligibility to vote can be
found on the following website: www.praktiker-anleihe.de
The right to appoint a joint representative is vested in the German
Debenture Act (Schuldverschreibungsgesetz). The joint representative solely
represents the interests of the bondholders. He is entitled to receive
extensive information from the company. He remains, also after his
appointment, under instruction from bondholders.
Further information is available on the Praktiker website:
http://www.praktiker.com/pb/site/praktiker_com/node/340180/Len/index.html
Backgound:
The first bondholder meeting in September 2012 did not reach the required
quorum of 50% of the nominal value of the bond (Euro 250 million). This is
due to the broad distribution of bondholders. The second bondholder meeting
(on 9 January 2013) does not require a quorum. Voting takes place through
simple majority.
The organization of the bondholders takes place against the background of
continued financial underperformance at Praktiker. Praktiker has been
unprofitable for eight consecutive quarters.
Media contact:
Charles Barker Corporate Communications GmbH
Tobias Eberle / Thilo Neupert
Telephone: +49 69 794090-0; Mobile: +49 173 5204436
Email: tobias.eberle(at)charlesbarker.de; thilo.neupert(at)charlesbarker.de
End of Corporate News
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Datum: 20.12.2012 - 11:53 Uhr
Sprache: Deutsch
News-ID 214686
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