Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CHF73.20, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Construction industry in the United Kingdom. Total returns to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF68.91 per share. Announcement • Jun 13
Implenia AG (SWX:IMPN) signed a purchase agreement to acquire Zigmo Engineering GmbH. Implenia AG (SWX:IMPN) signed a purchase agreement to acquire Zigmo Engineering GmbH on May 29, 2026.
The expected completion of the transaction is July 13, 2026. New Risk • May 03
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Apr 08
Implenia AG to Report Fiscal Year 2026 Final Results on Mar 03, 2027 Implenia AG announced that they will report fiscal year 2026 final results on Mar 03, 2027 Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Marie-Noelle Venturi-Zen-Ruffinen was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 29
Upcoming dividend of CHF1.40 per share Eligible shareholders must have bought the stock before 02 April 2026. Payment date: 08 April 2026. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (2.9%). Declared Dividend • Mar 14
Dividend increased to CHF1.40 Dividend of CHF1.40 is 56% higher than last year. Ex-date: 2nd April 2026 Payment date: 8th April 2026 Dividend yield will be 1.9%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 10
Implenia AG, Annual General Meeting, Mar 31, 2026 Implenia AG, Annual General Meeting, Mar 31, 2026, at 10:30 W. Europe Standard Time. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: CHF4.55 (vs CHF5.04 in FY 2024) Full year 2025 results: EPS: CHF4.55 (down from CHF5.04 in FY 2024). Revenue: CHF3.47b (down 2.4% from FY 2024). Net income: CHF83.6m (down 9.4% from FY 2024). Profit margin: 2.4% (down from 2.6% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Mar 05
Implenia AG to Report First Half, 2026 Results on Aug 19, 2026 Implenia AG announced that they will report first half, 2026 results on Aug 19, 2026 Buy Or Sell Opportunity • Feb 19
Now 22% undervalued Over the last 90 days, the stock has risen 28% to CHF76.50. The fair value is estimated to be CHF98.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.6%. Revenue is forecast to grow by 2.6% in 2 years. Earnings are forecast to grow by 4.7% in the next 2 years. Board Change • Jan 23
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Non Executive Director Raymond Cron was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 24
First half 2025 earnings released: EPS: CHF1.80 (vs CHF1.43 in 1H 2024) First half 2025 results: EPS: CHF1.80 (up from CHF1.43 in 1H 2024). Revenue: CHF1.86b (up 6.6% from 1H 2024). Net income: CHF33.0m (up 26% from 1H 2024). Profit margin: 1.8% (up from 1.5% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 01
Implenia AG to Report Fiscal Year 2025 Results on Mar 04, 2026 Implenia AG announced that they will report fiscal year 2025 results on Mar 04, 2026 Announcement • Mar 27
Implenia Ag Appoints Marie-Noëlle Zen-Ruffinen as Board Member and Member of the Nomination and Compensation Committee Implenia AG at its AGM held on 25 March 2025, approved election of Marie-Noëlle Zen-Ruffinen as a new Board Member and as member of the Nomination and Compensation Committee. Marie-Noëlle Zen-Ruffinen is a lawyer and titular professor at the University of Geneva’s School of Economics and Management. Since 2016, she has held various board positions, including with the Baloise Group and Banco Santander International SA. She has a master’s degree and a PhD in law, as well as a master’s degree in philosophy from the University of Fribourg. Upcoming Dividend • Mar 20
Upcoming dividend of CHF0.90 per share Eligible shareholders must have bought the stock before 27 March 2025. Payment date: 31 March 2025. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (3.6%). Buy Or Sell Opportunity • Mar 20
Now 20% undervalued Over the last 90 days, the stock has risen 35% to CHF41.28. The fair value is estimated to be CHF51.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 5.2% per annum over the same time period. Declared Dividend • Mar 06
Dividend increased to CHF0.90 Dividend of CHF0.90 is 50% higher than last year. Ex-date: 27th March 2025 Payment date: 31st March 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (18% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 03
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.6% net profit margin). Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: CHF5.04 (vs CHF7.69 in FY 2023) Full year 2024 results: EPS: CHF5.04 (down from CHF7.69 in FY 2023). Revenue: CHF3.56b (down 1.0% from FY 2023). Net income: CHF92.4m (down 35% from FY 2023). Profit margin: 2.6% (down from 3.9% in FY 2023). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 16% per year. Announcement • Jan 16
Implenia AG Announces Not Standing for Re-Election of Martin Fischer as Member of the Board of Directors Implenia AG announced Martin Fischer, member of the board of directors, will not be standing for re-election at the Annual General Meeting on 25 March 2025. He has been a Member of the Board of Directors and of its Nomination and Compensation Committee since 2018. Announcement • Dec 18
Implenia AG to Report First Half, 2025 Results on Aug 20, 2025 Implenia AG announced that they will report first half, 2025 results on Aug 20, 2025 Reported Earnings • Aug 25
First half 2024 earnings released: EPS: CHF1.43 (vs CHF1.75 in 1H 2023) First half 2024 results: EPS: CHF1.43 (down from CHF1.75 in 1H 2023). Revenue: CHF1.74b (up 1.2% from 1H 2023). Net income: CHF26.2m (down 19% from 1H 2023). Profit margin: 1.5% (down from 1.9% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Apr 05
BURU Holding AG acquired 13.7% stake in Implenia AG (SWX:IMPN) from Max Roessler. BURU Holding AG acquired 13.7% stake in Implenia AG (SWX:IMPN) from Max Roessler on April 5, 2024. BURU Holding AG completed the acquisition of 13.7% stake in Implenia AG (SWX:IMPN) from Max Roessler on April 5, 2024. Announcement • Apr 03
Implenia AG, Annual General Meeting, Mar 25, 2025 Implenia AG, Annual General Meeting, Mar 25, 2025. Announcement • Mar 27
Implenia AG to Report Fiscal Year 2024 Results on Feb 26, 2025 Implenia AG announced that they will report fiscal year 2024 results on Feb 26, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of CHF0.60 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 03 April 2024. Payout ratio is a comfortable 7.8% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of British dividend payers (6.2%). Lower than average of industry peers (3.5%). New Risk • Mar 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. New Risk • Feb 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 29
Full year 2023 earnings released Full year 2023 results: Revenue: CHF3.60b (flat on FY 2022). Net income: CHF141.8m (up 35% from FY 2022). Profit margin: 3.9% (up from 2.9% in FY 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Construction industry in the United Kingdom. Announcement • Feb 28
Implenia AG to Report First Half, 2024 Results on Aug 21, 2024 Implenia AG announced that they will report first half, 2024 results on Aug 21, 2024 Reported Earnings • Aug 18
First half 2023 earnings released: EPS: CHF1.75 (vs CHF3.42 in 1H 2022) First half 2023 results: EPS: CHF1.75 (down from CHF3.42 in 1H 2022). Revenue: CHF1.73b (down 2.1% from 1H 2022). Net income: CHF32.2m (down 49% from 1H 2022). Profit margin: 1.9% (down from 3.6% in 1H 2022). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Aug 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (44% accrual ratio). Buying Opportunity • Aug 04
Now 20% undervalued Over the last 90 days, the stock is up 2.8%. The fair value is estimated to be CHF52.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.0% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is forecast to decline by 2.4% per annum over the same time period. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CHF46.50, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Construction industry in the United Kingdom. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF53.03 per share. Buying Opportunity • May 10
Now 20% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be CHF52.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.0% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings is forecast to decline by 3.4% per annum over the same time period. Announcement • May 06
Implenia AG (SWX:IMPN) acquired Wincasa AG from Swiss Prime Site AG (SWX:SPSN). Implenia AG (SWX:IMPN) signed an agreement to acquire Wincasa AG from Swiss Prime Site AG (SWX:SPSN) on March 29, 2023. Implenia will acquire Wincasa for an enterprise value of CHF 235 million. The purchase price of CHF 171.6 million is being paid out of Implenia’s own liquidity from profitable business activities. Wincasa AG generated CHF 159 million revenue for the year ended 2022. The transaction is subjected to regulatory approval. The transaction is expected to close during the second quarter of 2023. Wincasa will be managed as an independent business unit within Division Buildings, and its brand will be retained. Wincasa’s operations will continue to be run within Implenia by the existing management team. Marcel Dietrich and Daniel Häusermann Homburger AG acted as legal advisor to Implenia AG. Stephan Erni of Lenz & Staehelin acted as legal advisor to Swiss Prime Site AG. Morgan Stanley & Co. LLC acted as financial advisor to Swiss Prime Site AG. As of May 5, 2023, regulatory approval was received without any conditions and Oliver Hofmann, CEO Wincasa, has left the Executive Board of Swiss Prime Site.
Implenia AG (SWX:IMPN) acquired Wincasa AG from Swiss Prime Site AG (SWX:SPSN) on May 5, 2023. Buying Opportunity • Apr 19
Now 23% undervalued Over the last 90 days, the stock is up 4.5%. The fair value is estimated to be CHF51.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.0% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings is forecast to decline by 3.4% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of CHF0.40 per share at 1.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 03 April 2023. Trailing yield: 1.1%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (3.9%). Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: CHF5.68 (vs CHF3.31 in FY 2021) Full year 2022 results: EPS: CHF5.68 (up from CHF3.31 in FY 2021). Revenue: CHF3.56b (down 5.3% from FY 2021). Net income: CHF104.8m (up 71% from FY 2021). Profit margin: 2.9% (up from 1.6% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Jan 14
Peri Vertrieb Deutschland Verwaltungs Gmbh acquired Implenia Schalungsbau Gmbh from Implenia AG (SWX:IMPN). Peri Vertrieb Deutschland Verwaltungs Gmbh acquired Implenia Schalungsbau Gmbh from Implenia AG (SWX:IMPN) on January 1, 2023.
Peri Vertrieb Deutschland Verwaltungs Gmbh completed the acquisition of Implenia Schalungsbau Gmbh from Implenia AG (SWX:IMPN) on January 1, 2023. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non executive Director Judy Bischoff was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 19
First half 2022 earnings released: EPS: CHF3.42 (vs CHF1.17 in 1H 2021) First half 2022 results: EPS: CHF3.42 (up from CHF1.17 in 1H 2021). Revenue: CHF1.77b (down 6.2% from 1H 2021). Net income: CHF63.1m (up 193% from 1H 2021). Profit margin: 3.6% (up from 1.1% in 1H 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 1.5% compared to a 5.7% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 15% share price gain to CHF29.20, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Construction industry in the United Kingdom. Total loss to shareholders of 4.1% over the past three years. Announcement • May 10
Implenia AG to Report Fiscal Year 2022 Results on Mar 01, 2023 Implenia AG announced that they will report fiscal year 2022 results on Mar 01, 2023 Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non executive Director Judy Bischoff was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non executive Director Judy Bischoff was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: CHF3.31 (up from CHF7.30 loss in FY 2020). Revenue: CHF3.76b (down 5.6% from FY 2020). Net income: CHF61.2m (up CHF195.9m from FY 2020). Profit margin: 1.6% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue exceeded analyst estimates by 9.3%. Over the next year, revenue is expected to shrink by 6.0% compared to a 3.8% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Barbara Lambert was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 22
First half 2021 earnings released: EPS CHF1.17 (vs CHF3.06 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: CHF1.88b (down 2.2% from 1H 2020). Net income: CHF21.5m (down 62% from 1H 2020). Profit margin: 1.1% (down from 2.9% in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 15
New 90-day high: CHF27.38 The company is up 19% from its price of CHF23.00 on 17 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF25.48 per share. Is New 90 Day High Low • Jan 29
New 90-day high: CHF25.90 The company is up 41% from its price of CHF18.31 on 30 October 2020. The British market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF24.11 per share. Valuation Update With 7 Day Price Move • Oct 28
Market pulls back on stock over the past week After last week's 24% share price decline to CHF20.34, the stock is trading at a trailing P/E ratio of 4.5x, down from the previous P/E ratio of 5.9x. This compares to an average P/E of 9x in the Construction industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 66%. Is New 90 Day High Low • Oct 21
New 90-day low: CHF26.86 The company is down 37% from its price of CHF42.30 on 22 July 2020. The British market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF33.28 per share. Is New 90 Day High Low • Sep 29
New 90-day low: CHF27.82 The company is down 23% from its price of CHF36.16 on 01 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF34.07 per share. Announcement • Jun 17
Implenia AG completed the Spin-Off of Ina Invest Holding AG (SWX:INA). Implenia AG (SWX:IMPN) announced the plan to spin off the 57% stake in real estate development portfolio on February 25, 2020. The real estate development portfolio will be moved to the newly incorporated real estate company Ina Invest Ltd. whose shares shall be listed on SIX Swiss Exchange on or around June 12, 2020. Implenia's shareholders will receive 1 Ina Invest's share for every 5 Implenia's shares. Transaction is subject to approval of shareholders of Implenia. As of March 24, 2020, shareholders of Implenia approved the transaction.
Implenia AG (SWX:IMPN) completed the spin-off of 57% stake in Real Estate Development Portfolio on June 12, 2020. The distribution completes the spinoff of part of Implenia's development portfolio to create Ina Invest Ltd. ("Ina Invest"), a subsidiary that will be held by Ina Invest Holding (approximately 57%) and Implenia (approximately 43%) following the completion of the remaining steps in the spin-off. Settlement and delivery of the new shares against payment of the offer price is expected to occur on or around June 16, 2020.