Frankfurt/Main – For the sixth time in a row, SDAX-listed solar plant and wind farm operator Encavis AG of Hamburg has given its shareholders the choice of receiving the dividend in cash or in the form of new shares in the company. This year’s cash dividend was EUR 0.24 per share. The acceptance rate for the scrip dividend was over 54%. As in the previous two years, Frankfurt-based DZ BANK AG Deutsche Zentral-Genossenschaftsbank acted as subscription and settlement agent.
A CMS team headed by lead partner Dr Andreas Zanner advised Encavis and DZ BANK on all legal aspects of structuring, implementing and settling the scrip dividend. Encavis and DZ BANK have both relied on the expertise of CMS lawyers on a regular basis for a number of years. CMS is a market leader in providing legal advice on scrip dividends and how to structure them.
Encavis AG is listed on the SDAX of Deutsche Börse and is one of Europe’s leading independent electricity producers in the renewable energy field. The company acquires and operates solar plants and (onshore) wind farms in Germany and eight other European countries. Encavis AG currently operates 175 solar plants and 69 wind farms with a total output of over 1.9 GW.
Dr Andreas Zanner, Lead Partner
Patrick Damanik, Senior Associate, both Banking & Finance
Dr Richard Mayer-Uellner, Partner, Corporate/M&A