The capital measures approved by the 22nd annual general meeting, which are designed to form the basis for a sustainable dividend policy, have been recorded in the company register and IMMOFINANZ would now like to provide an overview of the distributions planned for the 2015/16 financial year (ending on 30 April 2016) and the abbreviated 2016 financial year (ending on 31 December 2016).
Plans call for an ordinary dividend of EUR 0.06 per share for each of these two financial years. The dividend could be higher if there is a substantial improvement in the economic situation in Russia – a factor which is relevant, above all, for the abbreviated 2016 financial year.
In addition, IMMOFINANZ plans to start another share buyback programme. Today, Tuesday, the Executive Board and Supervisory Board approved a further buyback programme for treasury shares based on the authorisation of the 22nd annual general meeting on 1 December 2015 and in accordance with § 65 (1) no. 8 of the Austrian Stock Corporation Act. Share purchases within the context of the buyback programme 1/2016 will be made by IMMOFINANZ AG or one of its subsidiaries. The volume will equal up to 10 million shares, and the buyback will start on or after 8 February 2016 (for conditions, see below).
Treasury shares will also be withdrawn in connection with the buyback. The Executive Board and Supervisory Board of IMMOFINANZ AG decided to withdraw all of the approx. 97.24 million treasury shares. This equals approx. 9.1% of the current share capital.
“As previously announced and following the recording of the resolutions passed by the annual general meeting, IMMOFINANZ can now resume sustainable dividend payments generally independent of special political or economic factors like Russia. Our distribution policy has combined dividends and value-increasing share buybacks for our shareholders in the past. This practice is still appropriate given the current market environment and the share’s high discount to its net asset value“, indicated Oliver Schumy, CEO of IMMOFINANZ. Share buyback programme 1/2016
The terms of the share buyback programme 1/2016 are as follows:
Date of the annual general meeting’s authorisation resolution
pursuant to § 65 (1) no. 8 of the Austrian Stock Corporation Act:
1 December 2015
Date and announcement of the authorisation resolution:
2 December 2015 via information dissemination system pursuant to §§ 81a (1) no. 9 in connection with
§ 82 (8) of the Austrian Stock Exchange Act and in connection with § 11 of the Austrian Publication and Reporting Ordinance
Start and expected term:
8 February 2016 at the earliest and up to 30 April 2016
Class of shares:
Bearer shares (ISIN AT0000809058)
Up to 10,000,000 shares, i.e. approx. 0.93% of the company’s share capital
Maximum price per share (maximum equivalent value) cumulative:
(i) 15% over the volume-weighted average daily closing price of the share
on the previous 10 trading days on the Vienna Stock Exchange; and
(ii) EUR 3.00.
Minimum price: EUR 1.00
Form of buyback:
Over the stock exchange
Purpose of buyback:
Use of treasury shares for purposes defined by the authorisation resolution of the annual general meeting on 1 December 2015
Effects on the listing admission of IMMOFINANZ shares:
Notice in accordance with § 5 (4) of the Austrian Publication Ordinance of 2002: The information required by § 7 of the Austrian Publication Ordinance of 2002 concerning details on the transactions carried out as part of this buyback programme and any changes in the buyback programme will be published on the website of IMMOFINANZ AG under: http://www.immofinanz.com/en/investor-relations/our-share/share-buyback-programmes
In accordance with § 9 of the Austrian Publication Ordinance of 2002, this announcement replaces the announcement made pursuant to §4 (2) of the Austrian Publication Ordinance.
This announcement does not represent a public offer to purchase IMMOFINANZ shares and does not create any obligation whatsoever for the company or any of its subsidiaries to repurchase IMMOFINANZ shares.On IMMOFINANZ
IMMOFINANZ is a commercial real estate company whose activities are focused on the retail and office segments of eight core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Moscow. The core business includes the management and development of properties. The company has a real estate portfolio of approx. EUR 6.2 billion that covers more than 390 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com