DGAP-News: BUWOG AG / Key word(s): AGM/EGM

2015-05-18 / 08:56

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- Executive Board proposes reduction in the control threshold from 30 to 20 per cent
- Goal is to provide better protection for the rights of existing shareholders
- Proposed reduction from ten to six in the maximum number of Supervisory Board members

The Executive Board of BUWOG AG today announced that an Extraordinary General Meeting of BUWOG AG will be convened on 8 June 2015 in Vienna. The central points on the agenda are proposals by the Executive and Supervisory Boards to reduce the control threshold and to reduce the maximum number of members on the Supervisory Board.

Reduction of the control threshold: The proposal to the Extraordinary General Meeting indicates that investors who purchase 20 per cent of BUWOG shares in the future must make a formal takeover offer. It replaces the former threshold of 30 per cent of BUWOG shares.

Reduction in the maximum number of Supervisory Board members: The second proposal would reduce the maximum number of members on the Supervisory Board from ten to six. The BUWOG Supervisory Board currently has five elected members.

"These measures are intended to provide even better protection for the rights of existing shareholders", explained CEO Daniel Riedl. "Our goal is not to make potential takeovers more difficult. What we want to do is ensure that investors cannot obtain de facto control over the company without making a formal takeover offer to our shareholders that would allow them to sell their shares at attractive conditions."
The urgency of these steps has been clearly demonstrated by recent developments in other listed property companies, added Riedl: "BUWOG is the only Austrian property company that is trading at a stable margin over the NAV, but a comparison with our German peer group clearly shows a substantial upward potential. The acquisition of a stake in BUWOG by a strategic investor should benefit all shareholders."
The agenda also includes a proposal by the Supervisory Board to elect Stavros Efremidis, a real estate expert and member of the Management Board of WCM Beteiligungs- und Grundbesitz AG in Frankfurt am Main, to the Supervisory Board.

On the BUWOG Group

The BUWOG Group has grown over a roughly 65-year history to become the leading German-Austrian full-service provider in the residential property sector. The company's property portfolio covers more than 52,000 units and was valued at EUR 3.6 billion as of 31 January 2015. The BUWOG Group's portfolio is currently distributed equally between Austria and Germany. The entire value chain in the residential sector is covered by BUWOG's activities in the areas of Asset Management (sustainable portfolio management and administration), Property Sales (profitable sale of individual apartments and portfolios) and Property Development (planning and construction of new buildings). BUWOG shares have been listed on the stock exchanges in Frankfurt, Vienna and Warsaw since the end of April 2014.

www.buwog.com

For additional information contact:

Investor Relations:

Holger Lueth
BUWOG AG
T: +43 1 878 28 1203
E:investor@buwog.com


Media Inquiries Austria:

Thomas Brey
LUSTIG+BREY PR, Marketing und Sales GmbH
T: +43 (0) 1 233 01 23 15
M: +43 (0) 676 542 39 09
E: brey@lustigbrey.at

Media Inquiries Germany:

Peter Dietze-Felberg 
RUECKERCONSULT
T: +49 (0)30 2844 987 - 62 
E: dietze@rueckerconsult.de



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2015-05-18 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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Language: English Company: BUWOG AG Hietzinger Kai 131 1130 Wien Austria Phone: +43 1 87 8281130 Fax: +43 1 87 8285299 E-mail: investor@buwog.com Internet: www.buwog.com ISIN: AT00BUWOG001 WKN: A1XDYU Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Munich, Stuttgart, Tradegate Exchange; Wien (Amtlicher Handel / Official Market)  
 
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