Hogan Lovells advises Commerzbank AG on a scrip dividend of Vonovia SE
For a fourth consecutive year, international law firm Hogan Lovells, led by Frankfurt-based partner Michael Schlitt, advised Commerzbank AG on the payment of a scrip dividend and rights issue in connection thereto by Vonovia SE.
The shareholders' meeting of Vonovia SE resolved on 30 June 2020 a dividend payment of EUR 1.57 per share. The shareholders were given the choice to receive the dividend either in cash or in the form of new shares of Vonovia SE. During the subscription period shareholders holding 40.7 % of the dividend-bearing shares in Vonovia SE have elected to receive new shares instead of the cash dividend. To create the 6,613,688 new shares, Vonovia SE increased its share capital by making use of an authorized capital. The volume of the dividend entitlements that have been converted into shares corresponds to EUR 346,808,571.34.
Hogan Lovells advised Commerzbank AG in its role as financial advisor and process bank on all issues concerning the structuring and execution of the transaction.
Hogan Lovells team for Commerzbank AG
Prof. Dr. Michael Schlitt (Partner), Mark Devlin (Counsel), Dr. Susanne Ries (Of Counsel), Dr. Timo Lockemann, Christian Schröder (Associates), Eva-Christina Sommer, Simona Gradišek (Business Lawyers) (all Corporate and Capital Markets, Frankfurt);
Jonathan Baird (Partner, US Law, London).
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