Large majority in favour of extension of promissory note loans, extension of bridge financing also secured – change in the chairmanship of the Supervisory Board intended
|
EQS-Ad-hoc: Branicks Group AG / Key word(s): Restructure of Company/Agreement Publication of inside information pursuant to Article 17 of Regulation (EU) No 596/2014 Branicks Group AG: Large majority in favour of extension of promissory note loans, extension of bridge financing also secured – change in the chairmanship of the Supervisory Board intended Frankfurt, 26.03.2024 – As part of the judicial discussion and voting date pursuant to the Act on the Stabilisation and Restructuring Framework for Companies ("StaRUG"), the lenders of the promissory note loans (in the amount of EUR 225 million) of Branicks Group AG ("Company"), ISIN: DE000A1X3XX4, which will mature in 2024, voted in favour of the restructuring plan by 96% and accepted it today. The competent district court of Frankfurt am Main subsequently confirmed the restructuring plan in court. As a result, the aim pursued by the Management Board for a uniform extension of the relevant promissory note loans to June 30, 2025, could be achieved. In addition, with the lenders of the bridge financing for the acquisition of the shares in VIB Vermögen AG completed in 2022 an immediate repayment in the amount of EUR 40 million and an extension of the term concerning the remaining EUR 160 million until 31 December 2024 with almost unchanged conditions were agreed. Both agreements are based on the Company's corporate planning for the period up to the end of 2026, the plausibility of which has been confirmed by an independent business review by FTI-Andersch. This ensures a stable financing of the Company in the long term. On this basis, the Management Board will continue to pursue its strategy of generating value and increasing efficiency in the context of its operating business. The Supervisory Board is expected to elect a new Chairman from among its members by mid-April 2024; the current Chairman of the Supervisory Board, Prof. Dr. Gerhard Schmidt, will continue to be a member of the Supervisory Board and will remain Chairman of the Supervisory Boards of VIB Vermögen AG and BBI Bürgerliches Brauhaus Immobilien AG. IR Kontakt Branicks Group AG: Jasmin Dentz Neue Mainzer Strasse 32-36 D-60311 Frankfurt am Main Phone +49 69 9454858-1492 ir@branicks.com End of Inside Information
26-March-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | Branicks Group AG |
| Neue Mainzer Straße 32-36 | |
| 60311 Frankfurt am Main | |
| Germany | |
| Phone: | +49 69 9454858-1492 |
| Fax: | +49 69 9454858-9399 |
| E-mail: | ir@branicks.com |
| Internet: | www.branicks.com |
| ISIN: | DE000A1X3XX4, DE000A12T648, DE000A2GSCV5, DE000A2NBZG9 |
| WKN: | A1X3XX, A12T64, A2GSCV, A2NBZG |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange |
| EQS News ID: | 1867805 |
| End of Announcement | EQS News Service |
|
|
1867805 26-March-2024 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.