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Vivacon AG

EANS-Adhoc: Vivacon AG executes an increase in capital through contributions in kind and reaches composition settlements with significant principal creditors

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
27.04.2010
Cologne, April 27th 2010. Vivacon AG (ISIN 000604 8911) has reached 
composition settlements with significant principal creditors, which 
will make sustained financing and liquidity planning for future 
business operations possible. In future Vivacon AG will once again be
focussing its business operations entirely on its core competence in 
the hereditary building right segment. In addition to the investments
in leasehold land and the sale of real estate on the basis of 
hereditary building right, henceforth the operations will also 
include various services in the context of the management, 
administration and financing, of real estate and leasehold land for 
third parties.
With the conclusion of the settlement negotiations, the cost 
reductions already made including marked savings in personnel and the
sale of development projects, the interest in Curanis Holding GmbH as
well as various property portfolios over the last few months, 
significant measures have been taken to safeguard the liquidity and 
to recapitalise the entire business group.
The settlements are based on a recapitalisation expertise audited in 
accordance with Standard No. 6 of the German Independent Auditors 
Institute (IDW S6) and issued with a positive continuation 
prediction. An integral component of the continuing restructuring 
efforts and the basis of all settlements reached with the principal 
creditor banks is an increase in the share capital which has been 
executed through the transformation of a partial amount of a 
convertible bond into net assets in the context of a debt for equity 
swap. For this purpose Vivacon AG has passed a resolution to increase
capital through contributions in kind with partial utilisation of the
Authorized Capital under exclusion of shareholders´ subscription 
rights and admitted Saxon S.à.r.l., Luxembourg for subscription. 
Saxon S.à.r.l. has contributed a partial receivable in the nominal 
aggregate amount of EUR 18.6 m from the termination of the 
convertible bond issued on 28 April 2008 in the total aggregate 
amount of EUR 24 m. (ISIN DE 000A0 SFX67) which was purchased from 
Credit Suisse Securities (Europe) Limited and contributed to Vivacon 
AG. After registration of the capital increase through contributions 
in kind Vivacon AG´s share capital amounts to EUR 25,985,216.00. 
Therefore Saxon S.à.r.l. has a stake of around 23.48% in the share 
capital of Vivacon AG.
In the wake of the recapitalisation the insolvency applications for 
the property subsidiaries in Salzgitter and Kassel have also been 
withdrawn in the meantime. The stocks are, however, still under the 
institutional management of the financing bank. The company will 
report in detail to its shareholders on the recapitalisation and the 
future goals of business operations in the hereditary building right 
segment at the extraordinary general meeting due to be held on May 
21, 2010.
end of announcement                               euro adhoc

Further inquiry note:

Investor Relations
Telefon: +49 (0)221 1305621-0
E-Mail: ir@vivacon.de

Branche: Real Estate
ISIN: DE0006048911
WKN: 604891
Index: CDAX
Börsen: Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade
Frankfurt / regulated dealing/general standard

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