Frankfurt/Main – For the fourth 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 38 million pro-rata dividend claims were exchanged for new shares in the company and 1,274,135 new no-par value shares with full dividend entitlement were issued for the 2020 financial year. There was a further increase in the acceptance rate compared to the previous year. At 47.27% of the eligible shares, it 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. The Hamburg-based bank has relied on the expertise of CMS lawyers on a regular basis for a number of years. CMS is regarded as a market leader in providing legal advice on scrip dividends and how to structure them.
DIC Asset AG describes itself as one of the leading listed German commercial real estate specialists. According to the company, issuing the scrip dividend resulted in a cash saving of around EUR 19 million, which is earmarked for investment in further growth. DIC Asset AG manages 225 properties with a market value of EUR 10.3 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 also has a presence in Frankfurt, London and New York.
CMS Germany
Dr Andreas Zanner, Lead Partner, Frankfurt/Main
Dr Richard Mayer-Uellner, Partner, Cologne, both Corporate/M&A
Patrick Damanik, Senior Associate, Frankfurt/Main, Banking & Finance
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