Arcandor AG

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

Nachricht vom 15.12.2004 | 13:51

KarstadtQuelle successfully closed the placement of its Convertible Bond

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

----- KarstadtQuelle successfully closed the placement of its Convertible Bond NOT FOR DISTRIBUTION IN THE UNITED STATES Karstadt Quelle Aktiengesellschaft successfully closed the placement of its Convertible Bond Essen, 15.12.2004. Karstadt Quelle Aktiengesellschaft today successfully closed the placement of its Convertible Bond in the amount of EUR 170 mn, including a Greenshoe in the amount of EUR 14 mn. Based on the high demand the volume of the Convertible Bond was increased to EUR 170 mn (including Greenshoe) while it originally was EUR 154 mn (including Greenshoe). The Convertible Bond is issued via the Dutch subsidiary of Karstadt Quelle Aktiengesellschaft, Karstadt Finance B.V,. and guaranteed by Karstadt Quelle Aktiengesellschaft. The pre-emptive rights of shareholders of KarstadtQuelle Aktiengesellschaft for the Convertible Bond are excluded. The pricing was done by fixing the Coupon at 4.5% and a Conversion Premium of 35%. Thus the conversion price will be EUR 8.76 per share. The bond will have a maturity of five years. The convertible Bond can be converted into up to 19.406 million shares of Karstadt Quelle Aktiengesellschaft. The proceeds of the issue will be used to further strengthen the financial position of Karstadt Quelle Aktiengesellschaft and to support the restructuring as well as the strategic repositioning of the group. The Convertible Bond is underwritten by the members of a bank syndicate lead by Dresdner Bank Aktiengesellschaft as bookrunner. Co-Lead Managers are ABN AMRO Rothschild, Societe Generale and WestLB. The Convertible Bond was placed via a bookbuilding process with institutional investors outside the USA (Reg S). Essen, 15.12.2004 The Management Board WKN: 627500; ISIN Code: DE 000 6275001; Common Code: 001114999 ========================================================= This announcement neither constitutes a sales offer nor is it an invitation to subscribe to any notes or shares in the United States. KARSTADT QUELLE AG shares (hereinafter "shares") and KARSTADT QUELLE AG notes (hereinafter "notes") 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 notes and the shares are not and will not be registered. A share offer or notes offer in the US will only be 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 15.12.2004
----- WKN: 627500; ISIN: DE0006275001; Index: MDAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München und Stuttgart 151351 Dez 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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