COMMUNIQUÉ DE PRESSE
par Schutzgemeinschaft Der Kapitalanleger E.V.
Schutzgemeinschaft der Kapitalanleger e.V.: SdK calls on bondholders of PREOS Global Office Real Estate & Technology AG to pool their interests
Issuer: Schutzgemeinschaft der Kapitalanleger e.V. / Key word(s): Bond/Capital Reorganisation
Schutzgemeinschaft der Kapitalanleger e.V.: SdK calls on bondholders of PREOS Global Office Real Estate & Technology AG to pool their interests
17.07.2023 / 08:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
SdK calls on bondholders of PREOS Global Office Real Estate & Technology AG to pool their interests
On July 13, 2023, PREOS Global Office Real Estate & Technology AG called on the holders of the convertible bond 2019/2024 (ISIN: DE000A254NA6 / WKN: A254NA) issued by the company, to cast their votes in a vote without a meeting. The vote without a meeting will be held on the basis of a request by a bondholder to convene a meeting. In the context of the vote without a meeting, which will take place from 28th of July to 30th of July 2023, holders of the convertible bond are to approve in particular an extension of the term of the convertible bond by 5 years (!) until 9th of December 2029. Furthermore, bondholders are to waive the interest payment for 2023 or defer it until maturity. The future interest payments of 7.5% p.a. due from 9th of December 2023 shall be paid out in cash at 2% p.a. only. The remaining 5.5% p.a. of interest payments are also to be deferred until maturity. Furthermore, the bondholders shall appoint the CEO of the main shareholder publity AG, Mr. Frank Schneider, as joint bondholder representative and grant him extensive powers.
The company justifies the restructuring with the negative impact of the war in Ukraine, high inflation and rising interest rates and the associated reluctance of buyers to purchase real estate or real estate portfolios.
The SdK, a German association for the protection of investors rights, advises the affected bondholders to organize each other in order to ensure the best possible protection of their interests. In the view of the SdK, the current proposed resolutions are in no way acceptable and will lead to serious disadvantages for bondholders. Bondholders will continue to bear all risks, but will not be offered any compensation for this. Furthermore, the main shareholder seems to benefit from the proposed resolutions. As the largest bondholder and largest shareholder of PREOS Global Office Real Estate & Technology AG, it would have to contribute significantly more to the restructuring of the company than outside bondholders. Affected investors should register therefore under www.sdk.org/preos for a free newsletter, over which the SdK will inform the bond owners about the further developments. The SdK also offers all affected bondholders the opportunity to represent them free of charge at upcoming bondholders' meetings.
The SdK will be happy to answer any questions from its affected members by e-mail at info@sdk.org or by phone at 089 / 2020846-0.
Munich, the 17th of July 2023
SdK Schutzgemeinschaft der Kapitalanleger e.V.
Note: The SdK is a shareholder and bondholder of PREOS Global Office Real Estate & Technology AG!
On July 13, 2023, PREOS Global Office Real Estate & Technology AG called on the holders of the convertible bond 2019/2024 (ISIN: DE000A254NA6 / WKN: A254NA) issued by the company, to cast their votes in a vote without a meeting. The vote without a meeting will be held on the basis of a request by a bondholder to convene a meeting. In the context of the vote without a meeting, which will take place from 28th of July to 30th of July 2023, holders of the convertible bond are to approve in particular an extension of the term of the convertible bond by 5 years (!) until 9th of December 2029. Furthermore, bondholders are to waive the interest payment for 2023 or defer it until maturity. The future interest payments of 7.5% p.a. due from 9th of December 2023 shall be paid out in cash at 2% p.a. only. The remaining 5.5% p.a. of interest payments are also to be deferred until maturity. Furthermore, the bondholders shall appoint the CEO of the main shareholder publity AG, Mr. Frank Schneider, as joint bondholder representative and grant him extensive powers.
The company justifies the restructuring with the negative impact of the war in Ukraine, high inflation and rising interest rates and the associated reluctance of buyers to purchase real estate or real estate portfolios.
The SdK, a German association for the protection of investors rights, advises the affected bondholders to organize each other in order to ensure the best possible protection of their interests. In the view of the SdK, the current proposed resolutions are in no way acceptable and will lead to serious disadvantages for bondholders. Bondholders will continue to bear all risks, but will not be offered any compensation for this. Furthermore, the main shareholder seems to benefit from the proposed resolutions. As the largest bondholder and largest shareholder of PREOS Global Office Real Estate & Technology AG, it would have to contribute significantly more to the restructuring of the company than outside bondholders. Affected investors should register therefore under www.sdk.org/preos for a free newsletter, over which the SdK will inform the bond owners about the further developments. The SdK also offers all affected bondholders the opportunity to represent them free of charge at upcoming bondholders' meetings.
The SdK will be happy to answer any questions from its affected members by e-mail at info@sdk.org or by phone at 089 / 2020846-0.
Munich, the 17th of July 2023
SdK Schutzgemeinschaft der Kapitalanleger e.V.
Note: The SdK is a shareholder and bondholder of PREOS Global Office Real Estate & Technology AG!
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