Arcandor AG

  • WKN: 627500
  • ISIN: DE0006275001
  • Land: Germany

Nachricht vom 14.10.2004 | 17:10

Karstadt Quelle AG: Solidary Pact conditions met - EGM expected to agree ...

Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.

----- NOT FOR DISTRIBUTION IN THE UNITED STATES Essential Prerequisites for Solidarity Agreement Fulfilled - Extraordinary Annual General Meeting Should Agree Capital Increase Today the KarstadtQuelle Group made decisive progress in the implementation of its restructuring and realignment concept. The most important aspects of the solidarity agreement promoted by the Management Board between workers, management, share-holders and banks have been fulfilled. Negotiations with worker representatives were successfully concluded today. Agreement was reached on projected cost savings of EUR 760 million. Combined with this agreement, the Board of Management expects the projected turnover to be back on track again, after having suffered unexpectedly lower sales since the beginning of October in the mail-order business. The management believes that this slippage from plan is only temporary, mainly caused by negotiations with workers and the related press comments. In addition, the Management Board and Supervisory Board set the course for a capital increase in the current financial year. At today's Supervisory Board meeting the Management and Supervisory Boards decided to call an extraordinary AGM for KARSTADT QUELLE AG Group on 22 November 2004. The Annual General Meeting is expected to decide to increase the Group's share capital by EUR 238,185,920 from EUR 301,459,904 to EUR 539,645,824 by issuing 93,041,375 new shares against cash contributions. The new shares are expected to be underwritten by members of a banking consortium with the undertaking that they are offered for subscription to share-holders at a ratio of 8 per 7 (for eight old shares seven new shares can be subscribed to). The final subscription price will be set shortly before the start of the subscription period (probably the end of November 2004) in accordance with the current market level at the time. The desired issuing proceeds of at least EUR 500 million will be reached if the final subscription price is set at EUR 5.38 per share. If the capital increase due to be agreed by the AGM on 22 November 2004 is not sufficient to ensure issuing proceeds of at least EUR 500 million, the Management Board may, with the consent of the Supervisory Board, issue additional new shares from the existing approved capital and offer these to the share-holders for subscription at the same subscription price. In this case, the subscription ratio will comply with the ratio of the number of subscription-entitled no-par value shares to the number of all newly issued no-par value shares. The members of a banking consortium under the leadership of ABN AMRO N.V. and the Dresdner Bank AG have undertaken, under the usual reservations, to underwrite the new shares at a minimum price of EUR 4.00. If the final subscription price is not higher than the minimum subscription price, there will be a fixed subscription ratio of approx. 6 per 7 for all new shares being issued: (for six old shares, seven new shares can be bought). Voting shareholders, Madeleine Schickedanz and Allianz AG along with associated companies have agreed in principle to buy new shares totalling approx. EUR 280 million with the capital increase. This agreement, like that of the underwriting banks, is dependent on the condition that the Group obtains a committed 3 year term loan from banks of approx. EUR 1.75 billion. The negotiations between the Group and the lending banks are going well and are at an advanced stage. Essen, 14 October 2004 The Management Board ================================================================== This announcement neither constitutes a sales offer nor is it an invitation to subscribe to any shares. Offers are made solely on the basis of a prospectus. The offering prospectus will be available from the end of November 2004 from the underwriting banks and all German stock exchanges. This announcement neither constitutes a sales offer nor is it an invitation to subscribe to any shares in the United States. KARSTADT QUELLE AG shares (hereinafter "shares") may not be offered or sold in the US or to US citizens or on their behalf (in accordance with Regulation S of the American Securities Act of 1933 as defined in the relevant version (hereinafter "Securities Act")) unless they are registered or exempted from registration in accordance with the Securities Act. In accordance with the Securities Act, the shares are not and will not be registered. A share offer in the US is only possible on the basis of a prospectus and detailed information about KARSTADT QUELLE AG as well as its management and its annual accounts. end of ad-hoc-announcement (c)DGAP 14.10.2004
----- WKN: 627500; ISIN: DE0006275001; Index: MDAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München und Stuttgart 141710 Okt 04

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Hohes Kurspotenzial: „Attraktiver „Value-add“-Immobilienspezialist

Die Coreo AG führt derzeit eine Bezugsrechtskapitalerhöhung durch, in deren Rahmen ein Bruttoemissionserlös von bis zu 16 Mio. € angestrebt wird. Der Liquiditätserlös soll zum Erwerb von Gewerbe- und Wohnimmobilien für den Geschäftsbereich „Value Add“ verwendet werden. Derzeit, also pre money, verfügt die Gesellschaft über ein prognostiziertes NAV (auf Grundlage von GBC-Berechnungen) von 2,40 €. Für das laufende und kommende Geschäftsjahr rechnen wir mit einem spürbaren Ertrags- und Ergebnisanstieg. Neben der Steigerung von Mieterträgen sollte die Gesellschaft im nennenswerten Umfang Veräußerungserlöse erzielen sowie stille Reserven aufdecken. Auf Basis unseres DCF-Bewertungsmodells (post money) haben wir ein Kursziel von 3,10 € ermittelt. Auf Basis des aktuellen Kurses sowie des Platzierungspreises im Rahmen der Kapitalerhöhung von 1,60 € je Aktie lautet unserer Einschätzung KAUFEN.“

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