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Provider: Reuters Investment Profile
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Provider: Thomson Reuters StreetEvents
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Provider: Thomson Reuters StreetEvents
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Provider: Thomson Reuters StreetEvents
$75.00

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Immofinanz AG shareholders approve BUWOG AG spin-off


Friday, 14 Mar 2014 09:39am EDT 

Immofinanz AG:Says shareholders of IMMOFINANZ AG approved planned spin-off of 51 pct of shares in residential property subsidiary BUWOG AG with clear majority.Says spin-off will take effect when it is recorded in company register and this is expected, at earliest, on April 25.All shares of BUWOG AG will then be admitted for trading on regulated market of Frankfurt Stock Exchange (main listing), Vienna Stock Exchange (prime market) and in main market of Warsaw Stock Exchange.Says first trading day expected to be April 28 in Frankfurt and Vienna and April 29 in Warsaw.Allocation of BUWOG shares will be made on basis of respective security holdings of IMMOFINANZ shares at end of bank working day prior to allocation date, i.e. most likely on April 25.Shareholders of IMMOFINANZ AG to receive one BUWOG share for every 20 IMMOFINANZ shares (number of IMMOFINANZ shares held by each individual shareholder will not be affected by spin-off).Fractions of shareholdings that amount to less than one BUWOG share will be bundled and sold collectively over stock exchange and proceeds will be credited to respective shareholders in cash.Price of BUWOG share on first trading day will be determined by supply and demand.Price of IMMOFINANZ share will also be determined by stock market after BUWOG spin-off.After spin-off IMMOFINANZ will hold financial investment of 49 pct in BUWOG AG that shall be further reduced over medium-term. 

Company Quote

2.05
0.03 +1.49%
9:10am EST