Franconofurt AG / Key word(s): Disposal
08.12.2010 14:31
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Franconofurt AG (ISIN:DE0006372626) today has sold its entire stake in TAG
Immobilien AG (ISIN:DE0008303504) through a placement of shares to
institutional investors.
The price achieved per TAG Immobilien AG share is EUR 5.70. Gross proceeds
received by Franconofurt amount to approx. EUR 31.8 million.
TAG Immobilien AG has waived the initially agreed lock-up restriction due
to the fact that the placement of the shares was done to investors with a
long-term investment horizon.
Franconofurt AG with the sale of the entire stake will record a book profit
of approx. EUR 5 million effective in the fourth quarter 2010.
Franconofurt AG expects for the year 2010 a HGB (German accounting
principles) profit of EUR 9 million to EUR 10 million which will be the
highest recorded net profit in the history of the company.
The management board will propose a significantly higher dividend for the
year 2010 at the next annual general meeting.
The transaction was executed through Close Brothers Seydler Bank AG.
08.12.2010 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Franconofurt AG
Rossmarkt 11
60311 Frankfurt am Main
Deutschland
Phone: +49 (0)69 920 374 100
Fax: +49 (0)69 920 374 101
E-mail: info@franconofurt.de
Internet: http://www.franconofurt.de
ISIN: DE0006372626
WKN: 637262
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Franconofurt AG: Disposal of TAG-Shares
| Source: EQS Group AG