Capital News
Forecasting a high availability of ready cash, TAG Immobilien is considering buying back its own stock. Against the background of how the German property market is moving, September 11 saw both the board of management and the Supervisory Board deciding to buy back company shares up to the equivalent of ten percent of share capital, namely 13,129,831 shares at between 8.35 and 9.35 Euros per share. The shares can be put up for sale between September 15 and October 14. Depending on price and quantity of the stock, some 123 million Euros could find their way back to shareholders. Assuming the transaction is concluded as hoped, Tag Immobilien will call an extraordinary shareholders meeting in order to seek authorisation to buy back more shares.
Telefonica Deutschland Holding has given the green light for the planned increase in liquid capital to partially refinance the take-over of E-Plus.
On September 8, the Munich-based telecommunications concern announced that it had issued a total of 1,116,945,400 new shares with full dividend rights backdated to January 1 at 3.24 Euros each. The subscription period was given as September 10 - 23; the subscription rights were sold on the Frankfurt Bourse regulated market until September 19. In all 3.62 thousand million Euros have been collected. The company is forecasting a total dividend for 2014 of “at least 700 million Euros”.
As part of a 5.7% increase in share capital, United Internet has collected 352 million Euros of fresh capital earmarked for bolstering the reserves after two takeovers that cost the company some 900 million Euros. It acquired the remaining 75% stake in Versatella for 586 million Euros and a 10.6% holding in Rocket Internet for no less than 435 million Euros. On September 15, like a bolt out of the blue, it announced from Montabaur that J P Morgan and HSBC had placed 11 million Euros worth of its shares with investors, with the news the day after that the new shares had been sold to institutional investors at 32 Euros.
DIC Asset: bond for bond
DIC Asset, the Deutsche Bourse real estate company issued its third Prime Standard company bond in early September that generated a revenue of 125 million Euros for the SDax-listed enterprise. The bond duration is five years and its coupon is 4.625 percent. According to the company, demand was particularly high among institutional investors, so much so that the bond was 25 million Euros higher than originally forecast.
DIC Asset’s intention is to use the net issue revenue to pay back a company bond that was issued in 2011, earlier than its 16 October expiry date. The bond is worth more than 100 million Euros and creditors will collect 100.5 percent of the nominal amount for each bond possessed and the interest accrued at that date.
Scout 24: The Web gets Stock Exchange Fever
Internet company Scout 24 is mulling over getting a stock-exchange listing. If the IPO were finalised by the end of December, the Scout 24 group would be the third German candidate for flotation this year after Zalando and Rocket Internet. Scout 24 is involved in a variety of online markets ranging from real estate to automobiles in Germany and a number of Europe countries. The management board has announced a turnover for 2013 of approximately 340 million Euros, almost 9 percent up on the previous year. Ebitda increased by almost 40 percent to some 92 million Euros. At the end of last year, Deutsche Telekom sold 70 percent of its stake in the Scout group to the United States investment company Hellman & Friedman for approximately 1.5 thousand million Euros while retaining a minority holding. Another US investment company – Blackstone – also purchased a stake in Scout 24 last March.