Hogan Lovells advises DIC Asset AG in relation to a scrip dividend

Led by its Frankfurt-based partner Michael Schlitt Hogan Lovells has advised DIC Asset AG on its first scrip dividend transaction.

The shareholders were given the choice to receive the dividend for the financial year 2017 either in cash or in the form of new shares of DIC Asset AG. With a subscription price at EUR 9.92 for each new share, and a subscription ratio of 15.5 to 1, the acceptance rate represented around 44 percent of the dividend-bearing shares. To create the 1,948,501 new shares, DIC Asset AG increased its share capital by making use of an authorized capital. The subscribed share capital thus increased by 2.8 percent. The dividend cash distribution in the amount of EUR 0.64 per share, adding up to a sum total of EUR 43.9 million, was reduced by 44 percent down to EUR 24.5 million.

After having advised Citi and Commerzbank as paying and settlement agent on the scrip dividend of Deutsche Telekom AG and Vonovia SE in the past, Hogan Lovells now again advised the issuer on the structuring and execution of this transaction, obviously of increasing interest to German issuers. Previously, Hogan Lovells had already advised the GRENKE AG on its scrip dividend 2014 and 2016.

Hogan Lovells team for DIC Asset AG

Prof. Dr. Michael Schlitt (Partner, Lead), Dr. Susanne Lenz (Counsel), Nona Naydenova (Business Lawyer)


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