conwert Immobilien Invest AG is obtaining additional equity in order to continue the expansion of its property portfolio. In the context of the capital increase, up to 19,561,500 new shares will be offered in the offer period commencing on 15th March and ending on or about 5th April 2006.
The offer price is €14.90 per new share. conwert intends to use the estimated gross proceeds of up to €291.47 million as equity basis for the acquisition property packages in Austria, Germany and the Czech Republic as well as in other European residential property markets.
If all of the new shares from the capital increase are issued, conwert's registered share capital will be increased from currently €391.23m to €586.85m. Existing shareholders will be entitled to subscription rights in the ratio 2:1, i.e., two existing shares grant the right to subscribe for one new share. Subscription rights may be exercised during the subscription period commencing on 15th March and expected to end on 29th March 2006. The trading of the subscription rights on the Vienna Stock Exchange is expected for the period between 21st March and 23rd March 2006. Trading in the new shares is expected to commence on 11th April 2006. The joint lead managers and joint bookrunners of the capital increase are Bank Austria Creditanstalt AG and Wiener Privatbank Immobilieninvest AG.