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DGAP-RPT: Biofrontera AG: Release according to Article 111c of the AktG [the German Stock Corporation Act] with the objective of Europe-wide distribution

DGAP Related Party Transactions announcement: Biofrontera AG / Release of an 
announcement according to Article 111c of the AktG [the German Stock 
Corporation Act] 
Biofrontera AG: Release according to Article 111c of the AktG [the German 
Stock Corporation Act] with the objective of Europe-wide distribution 
 
2020-03-11 / 16:33 
Dissemination of a Related Party Transactions announcement transmitted by 
DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
 
*Biofrontera AG, Leverkusen:* 
 
*Publication pursuant to Section 111c AktG for distribution throughout 
Europe* 
 
On March 11, 2020, Biofrontera AG, Leverkusen ("*Company*") has entered into 
an agreement with Maruho Deutschland GmbH, Düsseldorf ("*Lender*") to 
support the ongoing capital market activities of the Company as described 
below ("*Agreement*" or "*Contract*"). The Lender holds more than 20 % of 
the shares in the Company and is therefore a related party within the 
meaning of Section 111a (1) of the German Stock Corporation Act (AktG). 
 
The subject matter of the Agreement is the issuance of the 0.5 % qualified 
subordinated mandatory convertible bond 2020/2024 (ISIN: DE000A254RS9) and 
the 1.00 % qualified subordinated mandatory convertible bond 2020/2026 
(ISIN: DE000A254RR1) by the Company (together "*Mandatory Convertible 
Bonds*"). Further details on the Mandatory Convertible Bonds can be found in 
the announcements on their subscription offers to shareholders in the 
Federal Gazette on February 28, 2020. In the event that not all Mandatory 
Convertible Bonds are subscribed for under the statutory subscription right, 
the Mandatory Convertible Bonds not subscribed for under the statutory 
subscription right will be offered for purchase ("*Placement*") by the 
issuing bank commissioned by the Company (also referred to as the 
"*Borrower*") at the subscription price ("*Subscription Price*") to new 
investors who are not yet shareholders of the Company. In the Agreement, the 
Lender agrees to make shares in the Company available to the Borrower for 
the Placement as a share loan. If new investors who are not yet shareholders 
of the Company can be acquired in this way, the issuing bank may, within the 
framework of the Placement, make available to them already existing shares 
of the Company from the share loan agreed between the Lender and the 
Borrower for placement at a price corresponding to the Subscription Price 
per share and acquire a corresponding number of new shares by subscription 
and conversion of Mandatory Convertible Bonds and transfer them back to the 
Lender. The Company will allocate a corresponding number of Mandatory 
Convertible Bonds to the Borrower. In the Agreement, the Company also agrees 
to fully reimburse the Lender for the costs incurred by the latter in 
connection with the share loan, including any custodian fees for the 
transfer of the loaned shares and the costs of the Lender's legal advisors, 
upon presentation of supporting evidence. In addition, in the event that the 
Mandatory Convertible Bonds are not converted and the Borrower is therefore 
not able to repay the share loan, the Company has agreed to grant the Lender 
a payment corresponding to the difference between the closing price per 
share of the Company in XETRA trading on the Frankfurt Stock Exchange on the 
day of transfer of the loaned shares to the Borrower (the "*Reference 
Price*") and the Subscription Price per convertible bond, multiplied by the 
number of loaned shares placed with investors. If the Subscription Price is 
higher than the Reference Price, no compensation is payable. The Company 
does not grant the Lender a fixed remuneration. 
 
The exact volume of the transaction cannot be quantified, as this depends on 
possible future developments, as described above. The Supervisory Board of 
the Company has approved the Agreement. 
 
2020-03-11 The DGAP Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
Language: English 
Company:  Biofrontera AG 
          Hemmelrather Weg 201 
          51377 Leverkusen 
          Germany 
Internet: www.biofrontera.com 
 
End of News DGAP News Service 
 
994917 2020-03-11 
 
 

(END) Dow Jones Newswires

March 11, 2020 11:33 ET (15:33 GMT)

© 2020 Dow Jones News
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