BERLIN (dpa-AFX) - Residential property developer Deutsche Wohnen AG (DWHHF.PK) said that as indicated on 7 March 2014, the company and GSW Immobilien AG intend to conclude a Domination Agreement with the company as the controlling entity and GSW Immobilien AG as the controlled entity.
Following completion of the work of the jointly appointed valuation expert, Deutsche Wohnen AG and GSW Immobilien AG have agreed, subject to the findings of the court-appointed contract auditor and the approval by the supervisory boards of Deutsche Wohnen AG and GSW Immobilien AG, to offer the minority shareholders under the Domination Agreement a settlement in the amount of 7 Deutsche Wohnen AG shares for each 3 GSW Immobilien AG shares.
In addition, Deutsche Wohnen AG and GSW Immobilien AG have agreed that a fixed annual payment in the form of a guaranteed dividend in the amount of 1.40 euros, after deduction of current corporate income tax plus solidarity surcharge, per GSW Immobilien AG share for each full business year for the minority shareholders of GSW Immobilien AG shall be agreed upon in the Domination Agreement.
In order to be valid, the Domination Agreement requires, in addition to the aforementioned committee decisions, in particular the approval of the general shareholders' meetings of Deutsche Wohnen AG and GSW Immobilien AG,that are planned for 11 June 2014 and 18 June 2014, respectively, as well as entry into the Commercial Register of GSW Immobilien AG.
Copyright RTT News/dpa-AFX