The Management Board of IMMOFINANZ AG decided on Thursday that it would exercise the right to early mandatory conversion of 4.00% mandatory convertible bonds due 2023 (ISIN: AT0000A2HPN2) with a total nominal amount of EUR 120 million in accordance with the terms and conditions of the mandatory convertible bonds on the optional mandatory conversion date 26 September, 2021.
In the course of the early mandatory conversion, around 6.9 million IMMOFINANZ shares are to be issued to the holders of the mandatory convertible bonds in accordance with the currently applicable conversion price of EUR 17.1472. The planned delivery day is October 5th, 2021. The shares are to be delivered from IMMOFINANZ AG’s own shares. Alternatively, the shares can also be issued from conditional capital. The company will provide further details on the early mandatory conversion, in particular at the exact time of delivery of the IMMOFINANZ shares.
The early mandatory conversion has become possible due to the good performance of the IMMOFINANZ share. The prerequisite for this was that the share price on the Vienna Stock Exchange had to reach at least 130% of the reference share price (EUR 15.31) for a certain period of time. Due to the early mandatory conversion, the future coupon savings for the company amount to around EUR 8.6 million (calculated up to the original end of the term in 2023).
