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Sparkassen Immobilien AG

EANS-Adhoc: Sparkassen Immobilien AG
Conversion of Participation Certificates into Shares planned

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
23.04.2010
Ad hoc release   Vienna, 23 April 2010
Sparkassen Immobilien AG: Conversion of Participation Certificates  
into  Shares planned
On 22 April 2010 the Management Board and the Supervisory  Board  of 
Sparkassen
Immobilien AG (the "Company") have resolved on a further step  to  simplify  the
Company´s  capital  structure.  Currently  Sparkassen  Immobilien  AG  has   two
investor groups, the holders of the s IMMO Share  (ISIN  AT0000652250)  and  the
holders   of   participation   certificates   (ISIN   AT0000630694   and    ISIN
AT0000795737).
A first  step  in  this  direction  was  taken  three  years  ago  by
unanimous resolutions of the Annual General Meeting of shareholders 
on 12  June  2007  and the meeting of holders of participation 
certificates on 11  June  2007,  putting the profit calculation for 
both investor groups on an equal  basis.  On  21  May 2010 the Annual
General Meeting of Sparkassen  Immobilien  AG  will  vote  on  a 
motion to offer participation certificate holders the option  to  
convert  their certificates into the Company´s ordinary shares.
This conversion  option  shall  be  offered  to  the  participation  
certificate holders within three conversion windows at the following 
conversion ratios:
• Conversion window I: 6 September 2010 - 24 September 2010       
Conversion ratio: 1 (one) participation certificate for 14 (fourteen)
s    IMMO Shares
• Conversion window II: 11 April 2011 - 29 April 2011       
Conversion ratio: 1 (one) participation certificate for 13 (thirteen)
s    IMMO Shares
• Conversion window III: 28 November 2011 - 16 December 2011       
Conversion ratio: 1 (one) participation certificate for 12 (twelve) s
IMMO    Shares
The new shares for the conversion will be issued from conditional 
capital.
Based on the  book  value  of  the  participation  certificate  
entitlement  and depending on the conversion window, the subscription
price will  be  15  to  35% above the current share price of the s 
IMMO Share (closing  price  on  22  April 2010: EUR 4.98). Exercising
the  conversion  option  enables  the  participation certificate 
holders to subscribe to the significantly more liquid s IMMO  Share.
Sparkassen Immobilien AG´s  shareholders  benefit  from  a  
transparent  capital structure,  an  increase  in  the  market  
capitalisation  and   hence   greater attractiveness of the s IMMO 
Share.
"I am convinced that we are offering an equitable solution for both 
of our long- standing investor groups.  In  addition,  this  step  
will  make  a  significant contribution towards leading the s IMMO 
Share back up to its net  asset  value", commented Holger 
Schmidtmayr, Member  of  the  Management  Board  of  Sparkassen 
Immobilien AG on the resolution.
end of announcement                               euro adhoc

Further inquiry note:

Investor Relations:
Sylwia Milke
Tel.: +43(0)50100-27402
Fax: +43(0)05100-927402
mailto:sylwia.milke@s-immoag.at
wwww.sparkassenimmobilienag.at

Corporate Communications:
Bosko Skoko
Tel.: +43(0)50100-27522
Fax: +43(0)05100-927522
mailto:bosko.skoko@s-immoag.at
wwww.sparkassenimmobilienag.at

Branche: Real Estate
ISIN: AT0000652250
WKN: 065225
Index: ATX Prime, IATX
Börsen: Wien / official market

Plus de actualités: Sparkassen Immobilien AG
Plus de actualités: Sparkassen Immobilien AG