ESPG AG: Strong support for proposed resolutions to amended ESPG bond terms – next management call

Strong support for proposed resolutions to amended ESPG bond terms – next management call

• Positive feedback from bond investors to planned amendment to bond terms and conditions
• ESPG reminds investors to register by 15 March 2024 and to cast their votes from 18 March to 20 March 2024
• Management call on 14 March 2024 for bond investors

Cologne, 11 March 2024: The European Science Park Group (ESPG), a property company specialising in science parks, is making good progress in the registration process for its bondholders to vote on the proposed amendment of the terms and conditions of the bond. The vote will take place between 18 March and 20 March 2024. Bondholders must register with the notary appointed as voting supervisor by the company, Dr Johannes Beil, by the end of 15 March 2024 at the latest, and have to cast their votes from 18 March to 20 March 2024.

In discussions with diverse bondholders, the Management Board has so far received very positive feedback regarding the proposed suspension of the total LTV covenant as of 31 December 2023. Bondholders with significant holdings in the bond have already signalled their consent also to the proposed resolution to authorise Mr Klaus Nieding as joint representative to suspend the total LTV covenant for the year 2024, if necessary. Further details of the suggested process until the maturity of the bond in September 2026 will be published on the ESPG website in the next days.

Strong support for proposed amendment to the bond terms and conditions
Dr Ralf Nöcker, Management Board of ESPG AG, comments: "Following constructive discussions with bond investors, we expect a strong support for the suspension of the LTV covenant for the previous year, should this turn out to be necessary. Nevertheless, we have realised that the registration process for the vote without meeting sometimes takes longer than expected by investors. We therefore ask every bondholder to initiate the registration process as early as possible."

Alongside the registration, investors must submit proof of ownership and a blocking notice. Persons entitled to vote also find a voting form on the ESPG website under “Investor Relations”. The form has to be sent to the voting supervisor between 18 March and 20 March 2024. As an alternative, bondholders can authorise Mr Nieding as voting representative or any other person to cast votes. Corresponding power of attorney forms are also available on the ESPG website. A request for vote has been published in the Federal Gazette and on the company's website: https://espg.space/investor_relations/corporate-bond-2018-2026/. All documents must be send to espg@notariat-bergstrasse.de. In the event of countermotions or agenda amendment requests, the voting and power of attorney forms on the ESPG website will be updated, accordingly.

Management call for bond investors on 14 March 2024
Management will hold an investor call on 14 March 2024 at 14:00 (GMT) / 15:00 (CET) with further information on the intended amendment of the bond terms and conditions and the other resolution items, as well as information on the voting process. Dial-in details and registration contacts will be posted on the ESPG website.

Markus Drews, Management Board of ESPG AG: “The proposed amendment to the terms of the bond and the expansion of the joint representative’s mandate provide us with the flexibility to further develop our business at a similar pace as we successfully did in the previous year. In 2023, we increased our rental income by around 22 per cent to approximately 12.7 million euros. This clearly shows that we remain on course for growth. Together with our investors, we want to develop ESPG into the market leader for science park portfolios in Europe.”

About ESPG
The European Science Park Group (ESPG) is a real estate company specialising in science parks. The company's focus is on the development of science parks, predominantly characterised by tenants from future-oriented industries such as life sciences, green technologies or digital transformation, which benefit from their proximity to each other and their direct proximity to universities, hospitals or research locations. ESPG's portfolio already comprises 16 science parks across Europe with a total area of 126,000 square metres. The sites are generally located outside metropolises, in areas that are considered science clusters or have a high concentration of innovative companies.

Press contact:
Jan Hutterer
T +49 40 60 91 86 83
M +49 172 3462831
espg@kirchhoff.de