Wiener Städtische Versicherung AG - VIENNA INSURANCE GROUP
euro adhoc: Wiener Städtische
Restructuring & Recapitalisations /
Wiener Städtische plans conversion of preference shares into ordinary
shares and sets stage for capital increase
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
03.05.2005
Wiener Städtische is announcing that it plans to convert preference shares into ordinary shares. The Supervisory Board of Wiener Städtische Allgemeine Versicherung AG yesterday took the decision to propose this corporate action to the meeting of preference shareholders and to the Annual General Meeting on 24 May 2005.
The share capital of Wiener Städtische AG is currently represented by 86,357,600 shares, of which 76,907,600 are voting ordinary shares and 9,450,000 are non-voting preference shares. The preference shares have been listed on the Vienna Stock Exchange since 17 October 1994. The conversion is to be performed at a ratio of one preference share to one ordinary share.
Upon approval by the Annual General Meeting and the meeting of preference shareholders, and after the share conversion has been carried out, Wiener Städtische intends to apply for admission to listing for June 2005 in the Prime Market segment of the Vienna Stock Exchange and additionally seeks inclusion in the ATX, the blue-chip index of the Vienna Stock Exchange. In conjunction with these measures, it is also planned to apply for admission to listing of the existing ordinary shares on the Vienna Stock Exchange, in accordance with the Austrian Stock Exchange Act.
The Supervisory Board also decided to carry out a capital increase of about 20 per cent on the basis of the authorised capital established by the Annual General Meeting on 12 June 2003. The capital increase if approved is currently scheduled for the end of 2005 or early 2006. Details regarding the structure and process of the capital increase will be settled at a later date.
In the words of Günter Geyer, Chief Executive Officer of Wiener Städtische, "by unifying the capital structure, we take another big step towards placing all shareholders on an equal footing, in keeping with the principles of good corporate governance. And importantly, the prospective capital increase will give us the flexibility to create, at the right time, a broad base for the expansion of our successful business model in Central and Eastern Europe."
end of announcement euro adhoc 03.05.2005 08:31:50
Further inquiry note:
Wiener Städtische Allgemeine Versicherung Aktiengesellschaft
Corporate communications
Schottenring 30, 1010 Wien
Barbara Hagen-Grötschnig
Tel.: +43/1/531 39-1027
Fax: +43/1/531 39-3134
E-Mail: b.hagen@staedtische.co.at
Branche: Insurance
ISIN: AT0000908520
WKN: 090852
Index: Standard Market Continous
Börsen: Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Wiener Börse AG / official dealing