Adler Group S.A.: Shareholders express broad support for the company’s course

Adler Group’s shareholders express broad support for the company’s course

• AGM adopted all proposed resolutions with overwhelming majorities
• Expansion of the Board of Directors to seven members with extensive expertise in corporate governance, real estate, finance, restructuring and capital markets.
• Chairman Prof. Dr. A. Stefan Kirsten: “Adler is back on track to a New Normal.”

Luxembourg, 21 June 2023 – At today’s Annual General Meeting (AGM) of Adler Group S.A. (“Adler Group”) the shareholders represented adopted all resolutions proposed by the Board of Directors by an overwhelming majority. The Company's shareholders as well approved the unaudited consolidated financial statements of the Company and its Group and the unaudited standalone annual accounts of the Company for the financial year ending 31 December 2022 and they granted discharge to all directors who held office during the financial year ending 31 December 2021. These decisions were also supported by an overwhelming majority. More than 50 percent of the share capital was represented at the AGM.

At the subsequent Extraordinary General Meeting (EGM) of Adler Group, all shareholders represented resolved in favor of continuing the Company in accordance with Luxembourg company law.

“The very high approval rates for the proposed resolutions and the clear vote of the EGM for the continuation of the company are a clear affirmation of our restructuring course and a broad support for the company’s course by our shareholders”, stated Prof. Dr. A. Stefan Kirsten, Chairman of the Board of Directors. “Adler is back on track to a New Normal. The restructured Group will be smaller in size, clearer in its organization and more focused in its business model. It will have a modern Corporate Governance and has updated its structures and processes.”

The AGM also approved the appointment of new members to the Board of Directors. Thomas Echelmeyer has been appointed as member of the Board of Directors in addition to his current role as CFO of Adler Group. The appointment of Dr. Heiner Arnoldi, and Stefan Brendgen also has been approved by the shareholders.

Together with Prof. Dr. A. Stefan Kirsten, Thierry Beaudemoulin (also CEO of Adler Group), Thilo Schmid and Thomas Zinnöcker Adler Group’s Board of Directors now consists of seven individuals, five of them independent, with extensive expertise in corporate governance, real estate, finance, restructuring and capital markets. As part of the constituent meeting of the new Board of Directors immediately following the Extraordinary General Meeting, the chairmanships of the individual committees were determined in the relevant meetings. A. Stefan Kirsten is Chairman of the Board of Directors and of the Nomination and Compensation Committee, and Thilo Schmid is Chairman of the Audit Committee. The former Investment and Financing Committee has been split into an Investment Committee, chaired by Stefan Brendgen, and into a Financing Committee, chaired by Heiner Arnoldi. Thierry Beaudemoulin still chairs the Ad hoc Committee.

In his speech to the AGM, CEO Thierry Beaudemoulin highlighted the Company's strategic and operational progress in 2022 and the good start in the year 2023: “Our residential rental portfolio continued to show strong operational performance in the first quarter of 2023, supported by solid underlying rental fundamentals.”

All relevant information, including the presentation and the Chairman’s speech from the AGM, can be found on the Company's website.

Contact

Investor Relations:

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E investorrelations@adler-group.com