Ad hoc: BB Medtech AG: Friendly public exchange offer to the shareholders of BB MEDTECH AG>
Ad hoc: BB Medtech AG: Friendly public exchange offer to the shareholders of BB MEDTECH AG
(Thomson Reuters ONE) - BB Medtech AG / Take-over bid / Ad hoc: Friendly public exchange offer to the shareholders of BB MEDTECH AG Ad hoc announcement according to §15 WpHG processed and transmitted by Hugin. The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------Conversion to an equity fundA public exchange offer for BB MEDTECH AG, currently operating underthe legal form of an investment company, has been submitted to theBoard of Directors that would change the company's legal structure toan equity fund. Vontobel Beteiligungen AG will issue a publictakeover offer to the shareholders of BB MEDTECH AG to this end. Theoffer period will commence July 24, 2009 and extend to August 21,2009, (16:00 CET). One equity fund unit will be offered for every BBMEDTECH AG share held.As already communicated on March 30, 2009, the Board of Directors ofBB MEDTECH AG has reviewed various options to eliminate the discountbetween the company's share price and its net asset value. "The Boardof Directors has concluded that this offer produces the maximumbenefit for shareholders," says Heino von Prondzynski. "Theshareholders have now the possibility to continue in participating ina successful investment strategy."The Board of Directors considers the conversion to an investment fundthe best means of achieving an optimal valuation of the investmentproduct for shareholders. The net asset value of the fund unitscorresponds of the net asset value of per BB MEDTECH share minus3.9%. The average discount to net asset value during the past 12months was 18.5%. The product's successful investment strategy willbe retained within the scope of the legal guidelines applicable underLuxemburg law and portfolio management responsibilities will remainwith Bellevue Asset Management AG.Details of the friendly, public exchange offer of Vontobel Holding AGUnder the friendly public exchange offer, Vontobel Beteiligungen AGwill offer the shareholders of BB MEDTECH AG one fund unit in the BBMEDTECH (Lux) Fund for every BB MEDTECH share held. The official namefor the fund will be Bellevue Funds (Lux) - BB MEDTECH. The publicexchange offer commences July 24 and closes August 21, 2009, (16:00CET). The average discount to net asset value during the past 12months (i.e., from July 4, 2008 to July 3, 3009) was 18.5%.In recent years the legal form of an investment company has proven tobe a competitive disadvantage for shareholders. Consequently, theBoard of Directors of BB MEDTECH AG communicated on March 30, 2009that it was evaluating various ways of eliminating the discountbetween the company's share price and its net asset value. Aftercarefully reviewing several possibilities, the Board of Directors ofBB MEDTECH AG unanimously decided that adopting the legal form of anequity fund represented the most attractive option for shareholders.A binding transaction agreement specifying the terms of the exchangeoffer was then signed with Vontobel Beteiligungen AG. The Board ofDirectors believes that the conversion into an equity fund traded ona daily basis and with a daily calculation of NAV represents the bestoption from a shareholder's standpoint. The new product structurebroadens the addressable investor base and ensures broad pan-Europeandistribution capabilities.The exchange offer is subject to a minimum acceptance threshold of90% of all outstanding shares between July 24 and August 21, 2009,(16:00 CET). In order to counter possible arbitrage trading byshort-term investors, sales of fund units during the period fromSeptember 21, 2009 to September 21, 2010 will be subject to astaggered redemption fee of 4% to 0%, successively reduced quarter byquarter. The fees will be credited to the investment fund and thusserve the interests of long-term-oriented shareholders. BB MEDTECHshares held by custodian banks in Switzerland and Germany will beexchanged free of charge.BB MEDTECH (Lux) FundThe BB MEDTECH Fund will be established as a Luxemburg UCITS IIISICAV fund. The equity fund will be valued and traded daily based onnet asset value. The previous investment objective and investmentstrategy will be retained and the current Portfolio Management Teamof BB MEDTECH will continue to manage the equity fund using itstime-tested, fundamental-oriented bottom-up approach.The average TER (Total Expense Ratio) of the investment companyduring the past five years was 2.21% p.a.; the management fee for thefund units (T units) offered within the scope of the exchangetransaction will amount to 1.2% p.a. and the future TER is estimatedto amount to 1.7% p.a. The equity fund will have a low cost structurecompared to its peers. The Bellevue Funds (Lux) SICAV, including theBB MEDTECH fund which should be converted, is approved for publicdistribution in Luxembourg, Switzerland, Germany and in Austria bylocal authorities. It is intended to seek marketing approval from theauthorities in other European countries in the future.Other informationAll documents and information regarding the takeover offer can bedownloaded from the following special website:www.med-transaktion.ch. You will also find comprehensive informationabout BB MEDTECH at www.bbmedtech.com. Please direct specificquestions about the transaction to our support team underTel. +41 44 267 72 92.Important dates (indicative)* Pre-announcement of exchange offer July 7, 2009* Information event Zurich July 14, 2009* Information event Frankfurt August 2009* Cooling-off period July10, 2009-July23, 2009* Offer period commences July 24, 2009* Offer period closes August 21, 2009, (16:00 CET)* Def. interim results published August 26, 2009* Fulfillment of transaction September 25, 2009For further information:Bellevue Asset Management AG, Seestrasse 16, CH-8700 Küsnacht/ZurichAnja Stubenrauch, Tel. +41 44 267 67 06Company profileBB MEDTECH invests in companies in the fast growing market of medicaltechnology. BB MEDTECH is listed on the Swiss stock exchange and inGermany. Its investments are focused on mid-sized companies listed inEurope that have a market leading position in their area ofactivities as well as sustained sales and income potential. BBMEDTECH's investment selection process is guided by the research andanalysis of industry experts. Its Board of Directors has many yearsof experience in industry and science.Anwendbares Recht und Das Umtauschangebot und sämtliche darausGerichtsstand: resultierenden gegenseitigen Rechte und Pflichten unterstehen schweizerischem Recht. Da BB MEDTECH eine Aktiengesellschaft Schweizerischen Rechts mit Sitz in der Schweiz ist, deren Beteiligungspapiere an der SIX Swiss Exchange, einer Schweizer Börse, kotiert sind, finden insbesondere die Bestimmungen des deutschen Wertpapiererwerbs- und ÿbernahmegesetzes für das Umtauschangebot keine Anwendung. Ausschliesslicher Gerichtsstand für sämtliche aus diesem Umtauschangebot entstehenden oder damit zusammenhängenden Streitigkeiten ist Zürich.Angebotsrestriktionen:Allgemein: Das Umtauschangebot wird weder direkt noch indirekt in einem Land oder einer Rechtsordnung gemacht, in welchem/welcher ein solches Angebot widerrechtlich wäre oder in welchem/welcher es in anderer Weise ein anwendbares Recht oder eine Verordnung verletzen würde oder welches/welche von der Vontobel eine ÿnderung der Bestimmungen oder Bedingungen des Angebots in irgendeiner Weise, ein zusätzliches Gesuch an/oder zusätzliche Handlungen im Zusammenhang mit staatlichen, regulatorischen oder rechtlichen Behörden erfordern würde. Es ist nicht beabsichtigt, das Umtauschangebot auf irgendein solches Land oder eine solche Rechtsordnung auszudehnen. Dokumente, die im Zusammenhang mit dem Angebot stehen, dürfen weder in solchen Ländern oder Rechtsordnungen verteilt, noch in solche Länder oder Rechtsordnungen gesandt werden. Solche Dokumente dürfen nicht zum Zwecke der Werbung für Käufe von Beteiligungsrechten der BB MEDTECH oder von Fondsanteilen des BB MEDTECH Funds durch Personen in solchen Ländern oder Rechtsordnungen verwendet werden.United States of The public tender offer will not be made directly orAmerica: indirectly in or by use of the mail of, or by any means or instrumentality of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States of America and may only be accepted outside the United States of America. This includes, but is not limited to, facsimile transmission, telex or telephones. This offer notice, the offer prospectus and any other offering materials with respect to the public tender offer described in this offer notice may not be distributed in nor sent to the United States of America and may not be used for the purpose of soliciting the sale or purchase of any securities of BB MEDTECH or the BB MEDTECH Funds, from anyone in the United States of America. Vontobel is not soliciting the tender of securities of BB MEDTECH by any holder of such securities in the U.S. BB MEDTECH securities will not be accepted from holders of such securities in the U.S. Any purported acceptance of the offer that Vontobel or its agents believe has been made in or from the U.S. will be invalidated. Vontobel reserves the absolute right to reject any and all acceptances determined by them not to be in the proper form or the acceptance of which may be unlawful.United Kingdom: This communication is directed only at persons in the U.K. who (i) have professional experience in matters relating to investments, (ii) are persons falling within article 49(2)(a) to (d) («high net worth companies, unincorporated associations, etc.») of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as «Relevant Persons»). This communication must not be acted on or relied on by persons who are not Relevant persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant persons.http://hugin.info/136835/R/1327417/312722.pdf --- End of Message ---BB Medtech AGVordergasse 3 Schaffhausen SwitzerlandWKN: 898194 ; ISIN: CH0000428661; Index: TECH All Share, TecDAX, Prime All Share;Listed: Prime Standard in Frankfurter Wertpapierbörse, Regulierter Markt in Frankfurter Wertpapierbörse;
Bereitgestellt von Benutzer: hugin
" alt="Novartis extends tuberculosis drug donation to Tanzania>">
Datum: 07.07.2009 - 07:26 Uhr
Sprache: Deutsch
News-ID 3281
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 253 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Ad hoc: BB Medtech AG: Friendly public exchange offer to the shareholders of BB MEDTECH AG>"
steht unter der journalistisch-redaktionellen Verantwortung von
BB Medtech AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
