Brief: Branicks Group AG: Seeks to delay loan payments, board proposes no dividend FY23

BRANICKS AG

22/01/2024 11:55

Jan 22 (Reuters) - Branicks Group Ag  BRNKn.DE :
    * EQS-ADHOC: BRANICKS GROUP AG IN NEGOTIATIONS TO EXTEND
BRIDGE
FINANCING AND INVITING PROMISSORY NOTE HOLDERS TO NEGOTIATIONS
ON EXTENSION OF TERMS OF PROMISSORY NOTE LOANS MATURING IN 2024
– NO DIVIDEND PLANNED
    * IN NEGOTIATIONS WITH LENDERS FUNDING ACQUISITION OF ITS
SHARES
IN VIB VERMÖGEN AG (OUTSTANDING VOLUME EUR 200 MILLION)
    * AIMS AT SUSPENSION OF CERTAIN LENDING CONDITIONS AND
PAYMENT AS
AN EXTENSION OF TERM OF LOAN
    * MANAGEMENT BOARD TO PROPOSE TO SUPERVISORY BOARD NOT TO
PROVIDE
FOR PAYMENT OF A DIVIDEND FOR 2023 FINANCIAL YEAR
    * MANAGEMENT BOARD IS BEING FORCED TO TAKE ACTION TO
STABILISE
GROUP'S LIQUIDITY POSITION WITH RESPECT TO SHORT- AND
MEDIUM-TERM FINANCING
    * CURRENTLY ALSO REVIEWING AND PURSUING ADDITIONAL MEASURES
TO
STRENGTHEN GROUP'S LIQUIDITY
    * PRELIM FIGURES: BRANICKS LARGELY MET ITS ANNUAL GUIDANCE
FOR
2023
    * GROUP'S FUNDS FROM OPERATIONS (FFO I) AT AROUND EUR 50
MILLION
WERE AT LOWER END OF EXPECTED RANGE OF EUR 50 TO 55 MILLION
    * NOTARISED SALES VOLUMES INCREASED TO EUR 285 MILLION AS A
RESULT
OF SEVERAL REAL ESTATE SALES BY END OF 2023

Source text for Eikon:  ID:nEQ6dh5bBa 
Further company coverage:  BRNKn.DE 

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