Hogan Lovells advises Deutsche Wohnen SE in relation to its second scrip dividend
Led by Frankfurt-based partner Prof. Dr. Michael Schlitt, Hogan Lovells has advised Deutsche Wohnen SE on its second scrip dividend transaction.
The shareholders were given the choice to receive the dividend for the financial year 2018 either in cash only or partly in cash and partly in the form of new shares of Deutsche Wohnen SE. During the subscription period shareholders holding approximately 28.3 percent of the dividend-bearing shares in Deutsche Wohnen SE have elected to receive new shares instead of the cash dividend. To create the around 2.6 million new shares, Deutsche Wohnen SE increased its share capital by making use of an authorized capital. New shares with an equivalent value of around EUR 84.9 million were issued for around 101 million pro rata dividend entitlements brought in.
After having advised Citi and Commerzbank as paying and settlement agent on the scrip dividend of Deutsche Telekom AG and Vonovia SE in the past, Hogan Lovells now again advised the issuer on the structuring and execution of this transaction, obviously of increasing interest to German issuers. Previously, Hogan Lovells had already advised GRENKE AG on its scrip dividend 2014 and 2016 as well as DIC Asset AG on its scrip dividend 2018 and 2019.
Hogan Lovells for Deutsche Wohnen SE
Frankfurt
Prof. Dr. Michael Schlitt (Partner), Eva-Christina Sommer (Business Lawyer), Michelle Pohl (all Capital Markets);
Dusseldorf
Dr. Heiko Gemmel (Partner), Anne-Svenja de Kiff (Senior Associate) (both Tax);
London
Jonathan Baird (Partner, US law).