RSE Grundbesitz- und Beteiligungs-AG
RSE Grundbesitz- und Beteiligungs-AG: reversal of the restructuring concept in the WCM Group makes the squeeze-out intention at Klöckner-Werke AG impossible
RSE Grundbesitz und Beteiligungs-AG / Capital Reorganisation/Squeeze Out Ad hoc announcement according to § 15 WpHG transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- RSE Grundbesitz und Beteiligungs-AG (RSE) has announced that the restructuring concept at WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft (WCM AG), reported in the ad hoc disclosure on 27 December 2005, must be reversed. With the restructuring concept, RSE realised over €263 million of claims against WCM AG, which are now restored following the discontinuation of the restructuring measures. The squeeze out originally intended by Klöckner-Werke AG (Klöckner) will now no longer be implemented. The restructuring concept was as follows: 1. Within the context of restructuring WCM AG, RSE acquired from WCM Beteiligungs- und Verwaltungs GmbH & Co. KG (WCM KG) 14,652,000 Klöckner shares , i.e. approximately 32% of Klöckner's equity capital. The purchase price of approximately €263 million was offset against claims of WCM AG against RSE. 2. In the subsequent period, the 14,652,000 Klöckner shares were transferred from RSE to Klöckner against a claim for compensation of approximately €263 million. 3. The provisions named under Items 1 and 2 were subject to various conditions subsequent. In the course of WCM AG's insolvency and the realisation negotiations of the main bank for WCM AG and WCM AG's insolvency administrator, one of these conditions has occurred, so that the agreement no longer applies. The reversal of the restructuring measures has the following effect: 1. The Klöckner shares transferred from RSE to Klöckner have reverted to RSE. As a result, Klöckner's obligation to make a compensation payment no longer applies. 2. At the same time, the approximately 14 million Klöckner shares transferred by RSE to WCM have reverted to WCM KG. As a result, the claims of RSE against WCM AG totalling approximately €263 million are revived. 3. Due to the insolvency of WCM AG, RSE will make a full value adjustment on the revived claims against WCM AG and the existing claims totalling €291 million 4. As Klöckner holds only 26.62% of voting rights in RSE, it has rescinded the intention published in the ad hoc notification of 5 October 2006 in line with Article 327a (1) Sentence 1 of the German Stock Corporation Act of transferring the shares of RSE minority shareholders against the grant of an appropriate cash settlement (squeeze out). Frankfurt/Main, 18 January 2007 The Management Board DGAP 18.01.2007 ---------------------------------------------------------------------- Language: English Issuer: RSE Grundbesitz und Beteiligungs-AG Opernplatz 2 60313 Frankfurt am Main Deutschland Phone: +49 (0)69 900 26 0 Fax: +49 (0)69 900 26 110 E-mail: info@rse-ag.de WWW: www.rse-ag.de ISIN: DE0008292079 WKN: 829207 Indices: Listed: Amtlicher Markt in Berlin-Bremen, Frankfurt (General Standard), Hamburg; Freiverkehr in Stuttgart, München End of News DGAP News-Service ---------------------------------------------------------------------------
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