Immofinanz is preparing for several financing measures. On the one hand, the company wants to carry out a capital increase, on the other hand there can also be a mandatory convertible bond. Both measures should be a private placement. The subscription rights of the existing shareholders are excluded. The papers are to be sent to institutional investors as part of an accelerated placement process.
In addition to the capital increase, own shares can also be sold. By combining both variants, around 22.42 million shares are to be offered. This corresponds to around 20 percent of the current share capital. The offer would be reduced if a mandatory convertible bond was issued. There will be precise details as part of the accelerated placement process.
The proposed mandatory convertible bond is to have a term of three years. The possible subscription can be up to 16.81 million shares. That is 15 percent of the current share capital.
In total, the company plans to launch up to 28.02 million shares as part of the capital increase, the sale of shares and a mandatory convertible bond. That is 25 percent of the share capital.
There is still no information about the subscription price. This would be determined during the book building phase. It is therefore still not clear how much money would ultimately flow to Immofinanz.
Whether capital measures ultimately come about depends on the capital market environment and the interests of investors. The Immofinanz supervisory board also has to approve the plans.