Vienna
Voluntary public tender offer allows minority shareholders of KWG to sell their shares and delisting will reduce costs and administrative burden of KWG
conwert Immobilien Invest SE ("conwert") will launch a voluntary offer to acquire up to approx. 13.47% of the shares from the minority shareholders of KWG Kommunale Wohnen AG ("KWG") at a price of 10.80 EUR per share. The offer will be made in connection with the proposed delisting of KWG which is expected to take place on 20 April 2016. The voluntary public tender offer allows minority shareholders of KWG to sell their shares and the delisting will reduce costs and administrative burden of KWG.
conwert is the main shareholder of KWG, with a stake of slightly under 80%. The voluntary public tender offer will be limited in such a way that after completion of the offer conwert will own a maximum of 93% of KWG's share capital. In case shareholders tender more than approx. 13.47% of the shares into the offer, the declarations of acceptance will be considered on a pro rata basis. The respective offer document is expected to be published around 23 March 2016. The acceptance period will last about four weeks, and is expected to begin around 24 March 2016 and end around 21 April 2016.
On the basis of the offer price of 10.80 EUR per share, conwert is offering a premium of about 5.7% compared to the closing price of the KWG share on 8 March 2016, a premium of about 9.2% on the average volume-weighted share price in the last three months and a premium of about 18.8% on the average volume-weighted share price in the last 12 months. Accordingly, conwert provides an attractive exit opportunity for KWG shareholders willing to sell their shares. The constructive cooperation with the remaining KWG shareholders will be continued in the future.
The voluntary public tender offer is a further measure implemented within the context of the strategic focusing of the conwert Group and the optimisation of the group structure. For this purpose, in mid-February, conwert filed a request to transfer the shares of the minority shareholders of its subsidiary ECO Business-Immobilien AG against cash compensation.
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This release contains forward-looking estimates and statements that were made on the basis of the information available at this time. Forward-looking statements reflect the point of view at the time they are made. We would like to point out that the actual circumstances and, consequently, the actual results realised at a later date may differ from the forecasts presented here for a variety of reasons.
