Brief: Preos Plans Admission Of New Majority Shareholder And Reallocation Of Shares In Subsidiary GORE

PREOS Global Office Real Estate & Technology AG

19/10/2021 09:58

Oct 19 (Reuters) - PREOS GLOBAL OFFICE REAL ESTATE &
TECHNOLOGY AG  PAGn.DE :
    * PLANS ADMISSION OF NEW MAJORITY SHAREHOLDER AND
REALLOCATION OF
SHARES IN SUBSIDIARY GORE GERMAN OFFICE REAL ESTATE AG
    * LUXEMBOURGIAN INVESTMENT COMPANY WITH ITS OWN INVESTOR
CONSORTIUM OF ESTABLISHED EUROPEAN INSURANCE COMPANIES TO BECOME
NEW MAJORITY SHAREHOLDER OF PREOS
    * CONTRIBUTION OF A LUXEMBOURG REAL ESTATE PORTFOLIO WORTH
OVER
EUR 1 BILLION BY LUXEMBOURG INVESTMENT VEHICLE TO PREOS
SUBSIDIARY GORE GERMAN OFFICE REAL ESTATE AG IN RETURN FOR ISSUE
OF NEW GORE SHARES
    * SUBSEQUENT CONTRIBUTION OF NEWLY ACQUIRED GORE SHARES BY
LUXEMBOURG INVESTMENT VEHICLE TO PREOS AGAINST ISSUANCE OF NEW
PREOS SHARES
    * SUCCESSIVE PLACEMENT OF ALL GORE SHARES TO INVESTORS- CASH
INFLOW FOR FURTHER GROWTH OF PREOS
    * GORE'S FOCUS ON LUXEMBOURG REAL ESTATE MARKET
    * VALUE TO BE APPLIED TO GORE SHARES IS TO BE DETERMINED ON
BASIS
OF STOCK EXCHANGE PRICE AND ON BASIS OF A COMPANY VALUATION AND
IS EXPECTED TO BE WITHIN A RANGE OF EUR 2 TO EUR 3 PER GORE
SHARE
    * THIS WILL RESULT IN A VALUE ADJUSTMENT REQUIREMENT FOR
PREOS
WITH REGARD TO APPROXIMATELY 23 MILLION SHARES VALUED AT EUR
4.00 IN ANNUAL FINANCIAL STATEMENTS PER 31 DECEMBER 2020
    * REQUIRED SHAREHOLDERS' MEETING RESOLUTIONS FOR FIRST TWO
STEPS
ARE PLANNED FOR BEGINNING OF 2022
    * TRANSACTION WILL ALSO RESULT IN A NEW REGULATION OF FUTURE
DIVIDEND POLICY AND THUS DISCONTINUATION OF PREVIOUSLY PURSUED
DIVIDEND POLICY

Source text for Eikon:  ID:nEQ32jMNBa 
Further company coverage:  PAGn.DE 

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