Announcement • Dec 04
IMMOFINANZ AG (WBAG:IIA) completed the acquisition of an additional 7.13% stake in S IMMO AG (WBAG:SPI) IMMOFINANZ AG (WBAG:IIA) intends to launch a squeeze-out offer to acquire additional 7.13% stake in S IMMO AG (WBAG:SPI) on May 24, 2024. The Supervisory Board of IMMOFINANZ AG approved the commencement of preparations for a squeeze-out of S IMMO AG (“S IMMO”) in accordance with the Austrian Squeeze out Act (Gesellschafter-Ausschlussgesetz). Together with its parent company CPI Property Group S.A., IMMOFINANZ holds a stake of approximately 92.54%. The squeeze-out currently relates to 5,246,664 S IMMO shares. Following the completion of preparatory steps, and subject to further legal, tax and financial review, IMMOFINANZ as main shareholder would submit a request to S IMMO to initiate the procedure under the Austrian Squeeze-out Act. The cash compensation for the acquisition of the S IMMO shares will be determined based on a valuation report to be obtained. The squeeze-out will then be submitted for approval at a shareholders' meeting of S IMMO. The S IMMO general meeting is expected to decide on the squeeze-out this autumn, and expect the process will be completed by the end of 2024. On October 14, 2024, S IMMO AG shareholders has approved the transaction. The affected minority shareholders will receive a cash compensation of €22.05 per share of S IMMO AG in accordance with the resolution of the Shareholders’ Meeting. The last trading day in the shares of S IMMO AG on the Vienna Stock Exchange is therefore expected to be December, 2 2024. PwC Advisory Services GmbH acted as fairness opinion provider to S IMMO AG.
IMMOFINANZ AG (WBAG:IIA) completed the acquisition of an additional 7.13% stake in S IMMO AG (WBAG:SPI) on December 3, 2024. The squeeze-out was executed in accordance with the Austrian Squeeze-out Act (Gesellschafterausschlussgesetz). The cash compensation is expected to be paid out as scheduled with value date of 11 December 2024 concurrently against derecognition of the claim certificates. New Risk • Dec 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Announcement • Dec 04
S IMMO AG(WBAG:SPI) dropped from ATX Prime Index S IMMO AG dropped from the ATX PRIME Index. 
