Hogan Lovells advises DIC Asset AG on its fifth scrip dividend
Led by Frankfurt partner Prof. Dr. Michael Schlitt, international law firm Hogan Lovells has advised DIC Asset AG on its fifth scrip dividend transaction.
Shareholders were given the choice to receive the dividend for the financial year 2021 either in cash only or partly in cash and partly in the form of new shares of DIC Asset AG. With a subscription price at EUR 13.878 for each new share, and a subscription ratio of 25.7 to 1, the acceptance rate was around 40.54 percent of the dividend-bearing shares. To create the 1,291,203 new shares, DIC Asset AG increased its share capital by making use of authorized capital. The subscribed share capital thus increased by approx. 1.6 percent.
This transaction structure is of increasing interest to German issuers. Hogan Lovells advised DIC Asset AG on the structuring and settlement of the fifth consecutive scrip dividend.
Hogan Lovells team for DIC Asset AG
Prof. Dr. Michael Schlitt (Partner), Mark Devlin (Counsel), Dr. Susanne Ries (Of Counsel), Christian Schröder (Associate), Eva-Christina Sommer (Senior Business Lawyer), Simona Gradišek (Senior Business Lawyer) (all Corporate and Capital Markets, Frankfurt);
Dr. Heiko Gemmel (Partner), Vanessa Rinus (Associate) (both Tax, Dusseldorf).