DGAP-News: ADLER Real Estate AG / Key word(s): AGM/EGM
ADLER Real Estate AG: ADLER Real Estate AG remains on growth path
22.05.2015 / 13:37
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Corporate News
ADLER Real Estate AG remains on growth path
- Annual General Meeting approves updating of capital structure
- Ongoing discussions on acquisition of additional portfolios
- Growth in portfolio to over 50,000 residential units at middle of year
Hamburg, 22 May 2015. ADLER Real Estate AG (ISIN: DE0005008007 / WKN:
500800), Frankfurt am Main, remains on its path of steady growth. With only
a few 'no' votes and attendance of 45.3%, the company's Annual General
Meeting on Friday confirmed key conditions which will allow ADLER to
continue to have optionality in implementing future acquisitions. During
the meeting, CEO Axel Harloff emphasised that the company has a strong
interest in continuing to expand its property portfolio. In 2014 ADLER more
than tripled its property portfolio from approximately 7,800 residential
units to over 24,000. This year, the property portfolio will increase to in
excess of 50,000 units following the acquisition of WESTGRUND AG, Berlin,
which is set to complete around the middle of the year. However, Harloff
stressed that further acquisitions would be considered in line with the
company's event driven /special opportunities focus and by the quality of
available assets.
The Annual General Meeting approved the updating of the existing capital
structure so that in the event of future acquisitions, ADLER will be able
to implement future corporate actions in a timely and strategic manner. For
this purpose, during the Annual General Meeting a resolution was made to
authorise changes to the share capital in order to meet potential changes
to the capital structure on one or more occasions amounting to a total of
up to EUR 13.3 million in exchange for cash and/or non-cash contributions,
with the option of not applying the statutory pre-emptive subscription
rights. It was further resolved that ADLER be authorised to issue bearer or
registered bonds with warrants and/or convertible bonds with a total
nominal amount of up to EUR 250 million, a maximum term of ten years, and
to grant warrants or conversion rights to the holders of these bonds and/or
convertible bonds for up to a total of 7.6 million new no-par value bearer
shares, in accordance with the specific terms of the bonds with warrants
and/or convertible bonds in the period up to and including 21 May 2020.
"Past experience has already shown that with this capital structure we will
be flexible enough to seize the opportunities on the market that are so
important for our company and its growth," said Harloff.
ADLER began its growth three years ago with its repositioning itself as a
residential real estate company focusing on event-driven and special
situation opportunities. During this period, total assets increased from
circa EUR 30 million to circa EUR 1.7 billion. At the same time, the
company's revenue, income and assets also expanded significantly. In the
first quarter of the 2015 financial year, ADLER's consolidated net profit
doubled to a level of EUR 42.9 million.
For enquiries, please contact:
PRESS: german communications dbk ag
Jörg Bretschneider
Milchstr. 6 B, 20148 Hamburg
Tel.: 040/46 88 33 0, Fax: 040/47 81 80
presse@german-communications.com
INVESTOR RELATIONS: Hillermann Consulting
Christian Hillermann
PoststraÃe 14, 20354 Hamburg
Tel.: 040/32 02 79 10, Fax: 040/32 02 79 114
c.hillermann@hillermann-consulting.de
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22.05.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg
End of News DGAP News-Service
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361167 22.05.2015
DGAP-News: ADLER Real Estate AG: ADLER Real Estate AG remains on growth path
| Source: EQS Group AG