DGAP-News: IMMOFINANZ AG: IMMOFINANZ AG launches share repurchase program 2010-2011
(firmenpresse) - IMMOFINANZ AG / Key word(s): Miscellaneous
09.11.2010 20:51
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IMMOFINANZ AG launches share repurchase program 2010-2011
The executive board of IMMOFINANZ AG has resolved to carry out a repurchase
program of treasury shares pursuant to section 65 para 1 item 8 Austrian
Stock Corporation Act based on the authorisation by the 17th Ordinary
Shareholders' Meeting of 28 September 2010. In the course of the resolved
program up to 47,350,248 ordinary bearer shares of IMMOFINANZ AG (ISIN
AT0000809058) may be purchased by IMMOFINANZ Group (IMMOFINANZ AG
respectively its 100% subsidiary IMBEA IMMOEAST Beteiligungsverwaltung
GmbH) between 12 November 2010 and 12 April 2011. The consideration per
share to be paid shall not be higher than 15% of the average of the volume
weighted daily closing prices of the shares of the previous ten trading
days at the Vienna Stock Exchange. The minimum consideration per share
corresponds to the pro rate amount of one share of the nominal share
capital and thus amounts to EUR 1.04. The purchase of shares by IMMOFINANZ
Group will be carried out via the stock exchange.
Prior to the repurchase program IMMOFINANZ Group already holds
approximately 57 million treasury shares (approximately 5.47% of the share
capital), which have been acquired in the course of the closing of the
agreements with Constantia Packaging B.V. and Aviso Zeta Bank AG. In the
course of the repurchase program the amount of treasury shares held by
IMMOFINANZ-Group may increase up to overall 104 million shares or 10% of
the share capital respectively.
The purpose of the repurchase program is to use treasury shares for capital
market instruments for the refinancing of the Convertible Bonds 2007-2014
and 2007-2017, for which the holders have a put option exercisable in the
year 2012. In case of utilisation of the total volume of the share
repurchase program approximately 104 million shares would be available. In
addition, convertible bonds combined with subscription rights on up to 20.6
million shares may be issued in accordance with the authorisation of the
Ordinary Shareholders' Meeting of 2007.
In total, liabilities outstanding in connection with convertible bonds as
per 31 October 2010 are as follows:
Convertible Bond 2007-2014:
ISIN: XS0283649977; Maturity: 19 Jan 2012; Conversion Price: 14.6800; Par
value per 30 April 2010: 654,300,000.00; Repurchase in financial year
2010/11 until 31 Oct 2010: 89,000,000.00; Par value per 31 Oct 2010:
565,300,000.00
Convertible Bond 2007-2017:
ISIN: XS0332046043; Maturity: 19 Nov 2012; Conversion Price: 9.2602; Par
value per 30 April 2010: 212,300,000.00; Repurchase in financial year
2010/11 until 31 Oct 2010: 4,300,000.00; Par value per 31 Oct 2010:
208,000,000.00
Convertible Bond 2009-2011:
ISIN: XS0416178530; Maturity: 22 Dec 2011; Conversion Price: 2.0000; Par
value per 30 April 2010: 194,200,000.00; Repurchase in financial year
2010/11 until 31 Oct 2010: 0; Par value per 31 Oct 2010: 194,200,000.00
TOTAL:
Par value per 30 April 2010: 1,060,800,000.00; Repurchase in financial year
2010/11 until 31 Oct 2010: 93,300,000.00; Par value per 31 Oct 2010:
967,500,000.00
Through the repurchase program the basis for the refinancing of the
convertible bonds will be created. In total approximately 125 million
shares would be available for the conversion option of a bond to be newly
issued. A side effect beneficial to the shareholders is the increase of the
NAV (Net Asset Value) which is associated to the repurchase. Through the
acquisition of IMMOFINANZ-shares below its intrinsic value a significant
value added can be created for the shareholders.
The refinancing of the Convertible Bonds 2014 and 2017 is planned for the
first quarter 2011 and constitutes one of the basic prerequisites for a
potential payment of dividends for the current financial year 2010/11.
Eduard Zehetner, CEO of IMMOFINANZ Group comments: 'Through the repurchase
program we achieve several effects: on the one hand we create the basis for
the refinancing of the Convertible Bonds 2014 and 2017, on the other hand
in doing so we increase the NAV.'
Contact:
Margit Hermentin
Head of Investor Relations&Corporate Communications
IMMOFINANZ AG
A-1120 Vienna, Gaudenzdorfer Gürtel 67
Tel.: +43 (0) 5 7111 - 2290
Fax: +43 (0) 5 7111 - 8290
m.hermentin(at)immofinanz.com
www.immofinanz.com
Press-Coordination:
Hieronymus Tupay
ACCEDO Austria GmbH
Tel.: +43 1 533 87 00 - 23
Hieronymus.Tupay(at)accedogroup.com
09.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: IMMOFINANZ AG
Gaudenzdorfer Gürtel 67
A-1120 WienÖsterreich
Phone: +43 (0) 5 7111 - 2290
Fax: +43 (0) 5 7111 - 8290
E-mail: investor(at)immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in München, Berlin, Stuttgart; Open Market in
Frankfurt; Foreign Exchange(s) Wien (Amtlicher Handel /
Official Market)
End of Announcement DGAP News-Service
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Datum: 09.11.2010 - 20:51 Uhr
Sprache: Deutsch
News-ID 32533
Anzahl Zeichen: 0
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Kategorie:
Business News
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