Victoria Park receives request for initiation of compulsory acquisition of minority shares, applies for delisting and proposes to redeem preference shares
Vonovia has, through a wholly-owned subsidiary, requested the initiation of a compulsory acquisition proceeding to acquire all remaining shares in Victoria Park. Victoria Park has resolved to apply for a delisting of its ordinary class A and class B shares. Furthermore, the Board of Directors has resolved to convene an Extraordinary General Meeting for the purpose of resolving to redeem all outstanding preference shares in accordance with the Articles of Association.
Victoria Park AB (publ) (“Victoria Park”) has previously announced that its major shareholder Vonovia SE (“Vonovia”) through its wholly-owned subsidiary Deutsche Annington Acquisition Holding GmbH (“Vonovia Acquisition Holding”) has exercised call options, resulting in a shareholding exceeding 90 per cent of the shares and votes in Victoria Park.
Compulsory acquisition proceeding initiated by Vonovia Acquisition Holding
The Board of Directors of Victoria Park has received, from Vonovia Acquisition Holding, a request for initiation of compulsory acquisition proceedings for all the remaining shares in Victoria Park in accordance with the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)). Vonovia controls approximately 91.4 per cent of the total number of shares in Victoria Park.
Delisting of ordinary class A and class B shares
As a consequence of Vonovia controlling more than 90 per cent of the shares in Victoria Park, and the request from Vonovia Acquisition Holding for initiation of compulsory acquisition proceedings for the remaining shares in Victoria Park, the Board of Directors of Victoria Park has resolved to apply for delisting of its ordinary shares of class A and class B from Nasdaq Stockholm. The last day of trading on Nasdaq Stockholm is expected to be on or around 17 June 2019.
Redemption of preference shares
The Board of Directors of Victoria Park has resolved to propose an Extraordinary General Meeting to resolve on a redemption of all 1,032,047 preference shares, in accordance with section 5.4 of the Articles of Association, for a redemption price of SEK 300 per preference share. The Board of Directors proposes that the record date for the redemption of preference shares shall be 8 July 2019, in which case payment of the redemption price will be made on 11 July 2019. Provided that the Extraordinary General Meeting approves the proposal, the last record date for dividend on the preference shares will be 28 June 2019. The last day of trading in the preference shares on Nasdaq Stockholm is expected to be 4 July 2019.
The information in this press release is such that Victoria Park AB (publ) is obliged to disclose according to the EU Market Abuse Regulation. The Information was submitted for publication, through the agency of Per Ekelund, on 24 May 2019, 08.50 CEST.
Victoria Park AB (publ) is a listed property company, which, through long-term management and social responsibility for more attractive living, creates value in an expanding property portfolio in growth cities in Sweden. On 31 March 2019, Victoria Park's property portfolio amounted to 1,128,000 square metres, comprising 14,300 flats, with a market value of SEK 18.8 Bn. The shares in Victoria Park are listed for trading on the Nasdaq Stockholm Mid Cap exchange.
Victoria Park AB (publ) Box 2, SE-201 20 Malmö, Sweden, Tel +46 (0)40 16 74 40, Corporate Reg. No. 556695-0738, Head Office Malmö, www.victoriapark.se/english