Comment in relation to Vonovia’s announcement that the conditions precedent to acquire approximately 69.30% of the voting rights and appr 61.19% of the share capital in Hembla have been fulfilled
Hembla AB (publ) (“Hembla”) notes that yesterday, on 5 November 2019, Vonovia SE, through its wholly-owned subsidiary HomeStar InvestCo AB, (“Vonovia”), has announced through a press release that the conditions, including competition clearance by the Swedish Competition Authority, set out in the acquisition agreement entered into between Volvia and Vega Holdco S.à r.l. on 23 September 2019, as further described in Vonovia’s and Hembla’s respective press releases on that day, have been fulfilled.
Vonovia further announces that the transaction will be fully completed shortly, and that the transaction will, when fully completed, result in Vonovia passing the threshold for an obligation to launch a mandatory offer in accordance with applicable takeover rules. According to the press release, Vonovia will revert with further information regarding such mandatory offer in connection with the completion of the transaction which are expected to take place in November 2019.
The independent committee that the board of directors has appointed within itself to represent Hembla in connection with a potential mandatory offer and make a statement regarding such offer notes Vonovia’s announcement and await such further information from Vonovia as is promised.
Stockholm on 6 November 2019
Hembla AB (publ)
The independent committee
For further information, please contact
Patrick Forslund, board member and chairman of the independent committee, phone +46 720 62 60 54
The information was released for publication on 6 November 2019 at 10 a.m. (CET).
About Hembla
Hembla is a property company focusing on residential properties in the Greater Stockholm region and other growth areas. The company’s business concept is to own property portfolios slated for a gradual renovation of apartments in conjunction with the natural turnover of tenants. This can take place quickly and cost-efficiently thanks to extensive experience from the company's renovation method which, among other things, means that no evacuation needs to take place. In addition to this, the company creates value through the development of building rights in existing portfolios. The market value of the company’s properties amounted to SEK 33,508 million on 30 September 2019. The total rental value amounted to SEK 1,967 million annually on 30 September 2019. The economic occupancy rate is high – vacancies are virtually non-existent. Hembla is listed on Nasdaq Stockholm.