- Shareholder action concerning the guaranteed dividend and the size of the settlement for WCM shareholders dismissed
- In doing so, the court has confirmed the adequacy of the settlement offer made by TLG IMMOBILIEN to the outside shareholders of WCM
- The swap for shares of TLG IMMOBILIEN has increased the expected dividend yield to 3.5%
Frankfurt/Main / Berlin, 25 November 2019 – The district court of Frankfurt/Main has dismissed the action brought by outside shareholders concerning the control agreement between TLG IMMOBILIEN AG (ISIN: DE000A12B8Z4) and WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft as part of the takeover in first instance. In doing so, the court has confirmed the adequacy of the guaranteed dividend of EUR 0.11 per share which was agreed for all minority shareholders of WCM in the control agreement as well as the adequacy of the settlement offer of one no-par value bearer share of TLG IMMOBILIEN for every 5.75 shares of WCM (click here for more details).
All outside shareholders of WCM still have the opportunity to make use of the offer and exchange their WCM shares for TLG IMMOBILIEN shares via their custodian bank. If they do so promptly, the newly created TLG IMMOBILIEN shares will be fully entitled to dividends for 2019. Based on the forecast by TLG IMMOBILIEN, they will therefore profit from the dividend’s expected increase to EUR 0.96 per share of TLG IMMOBILIEN. This is equivalent to EUR 0.167 per WCM share, broken down into the WCM share at a ratio of 1 to 5.75. Compared to the guaranteed dividend of EUR 0.11 per share, a swap of WCM shares for TLG IMMOBILIEN shares will allow for a dividend that is over 50% higher and a corresponding increase in dividend yield to 3.5% on the basis of the closing rate on 15 November 2019.
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This publication contains forward-looking statements based on current views and assumptions of WCM AG's management and made to the best of knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause WCM AG's revenues, profitability or the degree to which it performs or achieves its targets, to materially deviate from what is explicitly or implicitly stated or described in this publication. Therefore, persons who obtain possession of this publication should not rely on such forward-looking statements. WCM AG accepts no guarantee or responsibility regarding such forward-looking statements and will not adjust them to future results or developments.