Frankfurt/Main – For the third time in a row, SDAX-listed property company DIC Asset AG has given its shareholders the choice of receiving the dividend in cash or in the form of new shares in the company. A total of almost 32 million pro-rata dividend claims were exchanged for new shares in the company and 1,515,479 new no-par value shares with full dividend entitlement were issued for the 2020 financial year. The continued high acceptance rate of 40.25% of the eligible shares indicates strong shareholder confidence in the outlook for the company.
A CMS team headed by lead partner Dr Andreas Zanner advised the bank handling the transaction, Joh. Berenberg, Gossler & Co. KG, on all legal aspects of structuring and implementing the scrip dividend, as in the previous years. CMS is regarded as a market leader in providing legal advice on scrip dividends and how to structure them. Already this year, it has advised Encavis AG and DZ BANK AG Deutsche Zentral-Genossenschaftsbank for the seventh time in a row on successfully issuing a scrip dividend.
DIC Asset AG describes itself as a leading listed German property company and specialises in commercial real estate. According to the company, issuing the scrip dividend resulted in a cash saving of around EUR 16.2 million, which is earmarked for investment in further growth. DIC Asset AG manages 186 properties with a market value of EUR 8.5 billion across all major German markets. The Frankfurt-based company has been listed on the SDAX since 2006 and is included in the international EPRA Index, which tracks the performance of the most important European real estate companies.
Headquartered in Hamburg, Joh. Berenberg, Gossler & Co. KG describes itself as a leading European private bank in the areas of Wealth Management, Asset Management, Investment Banking and Corporate Banking. The banking house is run by personally liable partners and has a presence in Frankfurt, London and New York.
Dr Andreas Zanner, Lead Partner
Dr Richard Mayer-Uellner, Partner, both Corporate/M&A
Patrick Damanik, Senior Associate, Banking & Finance