ADLER Real Estate AG
ADLER Real Estate AG:
DGAP-News: ADLER Real Estate AG / Key word(s): Miscellaneous Corporate News ADLER Real Estate AG: conwert Administrative Board expects shareholders to forestall decision – Extraordinary General Meeting of conwert Immobilien shareholders to be convened in accordance with Austrian stock corporation law
Hamburg, 12 February 2016. The Administrative Board of conwert Immobilien SE, Vienna, today rejected the content set forth in the agenda of an Extraordinary General Meeting submitted by the subsidiary of ADLER Real Estate AG, Frankfurt/M. (ISIN DE0005008007) due to be convened for conwert’s shareholders. Via its subsidiary MountainPeak Trading Ltd., ADLER holds a 22.37 percent stake in conwert and had proposed that the shareholders’ meeting should adopt a resolution replacing three of the four members of conwert’s Administrative Board. As a result, ADLER believes that the Administrative Board expects to forestall the decision by shareholders, which requires very broad approval. ADLER is nevertheless confident that the other shareholders will also judge the Administrative Board on its performance to date and knowledge of German residential real estate and conclude that the company’s value can be increased far more effectively, and in the interests of all shareholders, with the real estate experts thereby proposed. ADLER will address conwert’s shareholders in an open letter to be published in newspapers in Germany and Austria. Austrian stock corporation law grants any shareholder holding more than 5 percent of a company the right to request the convening of an Extraordinary General Meeting. ADLER now expects such meeting to be convened without delay. About ADLER Real Estate AG: ADLER Real Estate AG, headquartered in Frankfurt and with its administrative headquarters in Hamburg, focuses on the acquisition, management and administration as well as privatisation of residential property. ADLER invests primarily in portfolios or participations of residential real estate companies with properties predominantly situated in B locations in German conurbations that achieve a positive cash flow and can offer a sustained value appreciation potential. The ADLER subsidiary, ACCENTRO Real Estate AG, is one of the largest privatisers of residential property in Germany. ACCENTRO markets suitable residential properties from the ADLER Group’s portfolio on a targeted basis, and also brokers individual apartments on behalf of third parties to owner-occupiers and investors who for example are seeking to create a quasi-pension income. ADLER holds a 22.37 per cent stake in conwert Immobilien Invest SE, Vienna, one of the leading real estate companies in Austria. Over 80 per cent of conwert’s property portfolio is located in A-listed cities in Germany. With a portfolio of over 50,000 residential and commercial units, ADLER is among the top five largest listed German residential real estate companies in Germany. In addition to the listing on the FTSE EPRA / NAREIT Global Real Estate Index in London and the GRP General Index, shares in ADLER are also listed in the small cap index SDAX of the Deutsche Börse. For inquiries please contact: Press: Investor Relations:
2016-02-12 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English | |
Company: | ADLER Real Estate AG | |
Herriotstr. 5 | ||
60528 Frankfurt am Main | ||
Germany | ||
Phone: | +49 (0)40 – 29 8130-0 | |
Fax: | +49 (0)40 – 29 8130-99 | |
E-mail: | info@adler-ag.com | |
Internet: | www.adler-ag.com | |
ISIN: | DE0005008007, XS1211417362, DE000A1R1A42, DE000A11QF02 | |
WKN: | 500800, A14J3Z, A1R1A4, A11QF0 | |
Indices: | SDAX, GPR General Index | |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg | |
End of News | DGAP News Service |