Court confirms the adequacy of the guaranteed dividend and the size of the settlement offered by TLG IMMOBILIEN to outside shareholders of WCM
DGAP-News: TLG IMMOBILIEN AG
/ Key word(s): Mergers & Acquisitions/Real Estate
- Shareholder action concerning the guaranteed dividend and the size of the settlement for WCM shareholders dismissed
- In doing so, the court has confirmed the adequacy of the settlement offer made by TLG IMMOBILIEN to the outside shareholders of WCM
- The swap for shares of TLG IMMOBILIEN has increased the expected dividend yield to 3.5%
All outside shareholders of WCM still have the opportunity to make use of the offer and exchange their WCM shares for TLG IMMOBILIEN shares via their custodian bank. If they do so promptly, the newly created TLG IMMOBILIEN shares will be fully entitled to dividends for 2019. Based on the forecast by TLG IMMOBILIEN, they will therefore profit from the dividend's expected increase to EUR 0.96 per share of TLG IMMOBILIEN. This is equivalent to EUR 0.167 per WCM share, broken down into the WCM share at a ratio of 1 to 5.75. Compared to the guaranteed dividend of EUR 0.11 per share, a swap of WCM shares for TLG IMMOBILIEN shares will allow for a dividend that is over 50% higher and a corresponding increase in dividend yield to 3.5% on the basis of the closing rate on 15 November 2019.
ABOUT TLG IMMOBILIEN AG
For over 25 years, the listed company TLG IMMOBILIEN AG has owned and rented out commercial properties in selected promising locations in Germany. The company continuously develops its portfolio and actively generates value through strategic investments and selected property acquisitions. As at 30 September 2019, its portfolio contains properties worth EUR 4.6 bn. As at the same reporting date, the adjusted EPRA Net Asset Value per share amounted to EUR 30.25. The portfolio comprises office properties in cities including Berlin, Dresden, Frankfurt/Main, Leipzig and Rostock. It also contains a regionally diversified portfolio of retail properties, primarily in the neighbourhood shopping segment, in promising micro-locations as well as seven hotels in top central locations. The properties of TLG IMMOBILIEN AG stand out not only due to their excellent locations but also because of their long-term rental or lease agreements. Its highly qualified employees guarantee extensive local market expertise at its individual locations.
This publication contains forward-looking statements based on current views and assumptions of TLG IMMOBILIEN AG's management and made to the best of knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause TLG IMMOBILIEN AG's revenues, profitability or the degree to which it performs or achieves its targets, to materially deviate from what is explicitly or implicitly stated or described in this publication. Therefore, persons who obtain possession of this publication should not rely on such forward-looking statements. TLG IMMOBILIEN AG accepts no guarantee or responsibility regarding such forward-looking statements and will not adjust them to future results or developments.
25.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||TLG IMMOBILIEN AG|
|Phone:||030 - 2470 - 50|
|Fax:||030 - 2470 - 7337|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange|
|EQS News ID:||920129|
|End of News||DGAP News Service|