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CMS again advises solar plant and wind farm operator Encavis on structuring and implementing a scrip dividend

22/06/2020

Frankfurt/Main – For the seventh time in a row, solar plant and wind farm operator Encavis AG of Hamburg has given its shareholders the choice of receiving the dividend in cash, in the form of new shares in the company or as a combination of both. This year’s cash dividend was EUR 0.26 per share. The acceptance rate for the scrip dividend was over 61%, and as such again above the previous year’s level. The resulting cash saving of more than EUR 15 million demonstrates once more the very positive effect of scrip dividends for the company as well as the increased willingness of shareholders to accept a scrip dividend.

A CMS team headed by lead partner Dr Andreas Zanner advised Encavis and DZ BANK AG Deutsche Zentral-Genossenschaftsbank on all legal aspects of structuring, implementing and settling the scrip dividend. As in previous years, Frankfurt-based DZ BANK acted as subscription and settlement agent. Encavis has relied on the expertise of CMS lawyers on a regular basis for a number of years, as has DZ BANK. CMS has established itself as 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. It currently operates 190 solar plants and 84 wind farms across ten European countries with a total output of over 2.2 GW.

CMS Germany

Dr Andreas Zanner, Lead and Client Relationship Partner, Corporate Law
Patrick Damanik, Senior Associate, Banking & Finance
Dr Richard Mayer-Uellner, Partner, Corporate Law

Press Contact
presse@cms-hs.com

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