Hogan Lovells advises DIC Asset AG in relation to its second scrip dividend
Led by its Frankfurt-based partner Prof. Dr. Michael Schlitt, Hogan Lovells has advised DIC Asset AG 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 DIC Asset AG. With a subscription price at EUR 9.57 for each new share, and a subscription ratio of 20.8 to 1, the acceptance rate represented around 50 percent of the dividend-bearing shares. To create the 1,687,527 new shares, DIC Asset AG increased its share capital by making use of an authorized capital. The subscribed share capital thus increased by 2.4 percent.
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 the GRENKE AG on its scrip dividend 2014 and 2016 as well as DIC Asset AG and Deutsche Wohnen SE in 2018.
Hogan Lovells team for DIC Asset AG
Prof. Dr. Michael Schlitt (Partner, Lead), Dr. Susanne Lenz (Counsel), Dušan Stojković (Senior Associate), Eva-Christina Sommer (Business Lawyer) (all Capital Markets, Frankfurt).
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