The Executive Board of IMMOFINANZ AG has resolved today that the Company will exercise the right to Early Mandatory Conversion of the 4.00% Mandatory Convertible Notes due 2023 (ISIN: AT0000A2HPN2) in the aggregate principal amount of EUR 120 million in accordance with the Terms and Conditions of the Mandatory Convertible Notes as per Optional Mandatory Conversion Date 26 September 2021.
In the course of the Early Mandatory Conversion, approximately 6.9 million IMMOFINANZ-shares are to be delivered to the holders of the Mandatory Convertible Notes in accordance with the currently applicable Conversion Price of EUR 17.1472. The Scheduled Settlement Date is 05 October 2021. The shares shall be delivered from treasury shares held by IMMOFINANZ AG. Alternatively, the shares may also be issued from conditional capital. The company will provide further details on the Early Mandatory Conversion, in particular on the exact time of delivery of the IMMOFINANZ-shares.
The Early Mandatory Conversion became possible due to the good performance of the IMMOFINANZ-share. The condition precedent was that the share price on the Vienna Stock Exchange is equal to or exceeds 130% of the Reference Share Price (EUR 15.31) for a certain period of time. As a result of the Early Mandatory Conversion, the future coupon savings for the company amount to approximately EUR 8.6 million (calculated until the original maturity date of 2023).
This announcement is a mandatory announcement pursuant to Article 17 of the Market Abuse Regulation (EU) No 596/2014. It constitutes neither a financial analysis nor advice or recommendation relating to financial instruments, nor an offer, solicitation or invitation to buy or sell securities of IMMOFINANZ AG.
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Pursuant to Section 9 of the Austrian Publication Regulation 2018, this publication replaces the publication pursuant to Section 4 para 2 of the Austrian Publication Regulation.