The Supervisory Board of Immofinanz has approved the commencement of preparations for a squeeze-out of S Immo in accordance with the Austrian Squeeze-out Act. In the course of the squeeze-out, shares in S Immo held by minority shareholders shall be transferred to Immofinanz as the main shareholder in exchange for appropriate cash compensation.
Together with its parent company CPI Property Group, Immofinanz holds a stake of approximately 88.37% in the share capital of S Immo (taking into account the treasury shares of S Immo of approximately 92.54%), meaning that Immofinanz is classified as a main shareholder under the Austrian Squeeze-out Act. The squeeze-out currently relates to 5,246,664 S Immo shares, which corresponds to approximately 7.13% of the share capital.
Following the completion of preparatory steps, and subject to further legal, tax and financial review, Immofinanz as the main shareholder would submit a request to S Immo to initiate the procedure under the Austrian Squeeze-out Act. The cash compensation for the acquisition of the S Immo shares will be determined based on a valuation report to be obtained. The squeeze-out will then be submitted for approval at a shareholders' meeting of S Immo.
