News
12/28/2011
Deutsche Wohnen and RREEF agree on compensation for losses
DGAP-Ad-hoc: Deutsche Wohnen and RREEF agree on compensation for losses
Deutsche Wohnen AG / Key word(s): Scheme of Arrangement
28.12.2011 14:13
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
Frankfurt/Main and Berlin, 28 December 2011 - Deutsche Wohnen AG and RREEF Management GmbH (RREEF) have agreed on a court settlement in order to conclude court proceedings relating to loss compensation claims with regard to the financial years 1999 to 2001 and 2004 to 2006 (first half year). Subject to the settlement being binding and a court notification on the withdrawal of the company's appeal RREEF will make a payment of EUR 20 million to the company. Each party will bear the cost of their legal counsel and the costs of the court will be split equally.
Until mid-2006 RREEF and the company were parties to a Beherrschungsvertrag (domination agreement). The dispute between the parties is, whether the losses of those financial years, in total about EUR 63 million, were compensated in accordance with the German stock corporation act by means of withdrawals from the company's capital reserves. The Landgericht (district court) Frankfurt found this type of loss compensation to be legal and dismissed the company's action for compensation in cash in August this year. The company had filed an appeal against this judgement with the Oberlandesgericht (court of appeals) Frankfurt.
The settlement is subject to a special resolution of the shareholders being passed in a general assembly and to no objection being lodged in such assembly by a minority comprising shares of one tenth of the capital represented. The company intends to submit the settlement for approval to its ordinary general assembly 2012. In case of an approval and subject to its
share in the cost of the proceedings, the company receives a respective return from the settlement.
Contact:
+49 (0)30 / 897 86 - 551
28.12.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt
Germany
Phone: +49 (0)30 89786-0
Fax: +49 (0)30 89786-507
E-mail: ir@deutsche-wohnen.com
Internet: http://www.deutsche-wohnen.com
ISIN: DE000A0HN5C6, DE0006283302
WKN: A0HN5C, 628330
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
28.12.2011 14:13
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
Frankfurt/Main and Berlin, 28 December 2011 - Deutsche Wohnen AG and RREEF Management GmbH (RREEF) have agreed on a court settlement in order to conclude court proceedings relating to loss compensation claims with regard to the financial years 1999 to 2001 and 2004 to 2006 (first half year). Subject to the settlement being binding and a court notification on the withdrawal of the company's appeal RREEF will make a payment of EUR 20 million to the company. Each party will bear the cost of their legal counsel and the costs of the court will be split equally.
Until mid-2006 RREEF and the company were parties to a Beherrschungsvertrag (domination agreement). The dispute between the parties is, whether the losses of those financial years, in total about EUR 63 million, were compensated in accordance with the German stock corporation act by means of withdrawals from the company's capital reserves. The Landgericht (district court) Frankfurt found this type of loss compensation to be legal and dismissed the company's action for compensation in cash in August this year. The company had filed an appeal against this judgement with the Oberlandesgericht (court of appeals) Frankfurt.
The settlement is subject to a special resolution of the shareholders being passed in a general assembly and to no objection being lodged in such assembly by a minority comprising shares of one tenth of the capital represented. The company intends to submit the settlement for approval to its ordinary general assembly 2012. In case of an approval and subject to its
share in the cost of the proceedings, the company receives a respective return from the settlement.
Contact:
+49 (0)30 / 897 86 - 551
28.12.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt
Germany
Phone: +49 (0)30 89786-0
Fax: +49 (0)30 89786-507
E-mail: ir@deutsche-wohnen.com
Internet: http://www.deutsche-wohnen.com
ISIN: DE000A0HN5C6, DE0006283302
WKN: A0HN5C, 628330
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service