Charles Barker Corporate Communications GmbH
Praktiker bondholders request the appointment of a common representative
Charles Barker Corporate Communications GmbH / Key word(s): Bond/Restructure of Company 19.09.2012 / 14:41 --------------------------------------------------------------------- Frankfurt am Main, September 19, 2012 - A group of bondholders including Alandsbanken Asset Management has initiated a bondholder voting to be held between 24 and 27 September 2012. The purpose of the voting is to appoint a common representative for the bondholders. The common representative will improve the information exchange between Praktiker and its bondholders. The right to appoint a common representative is vested in the German Debenture Act (Schuldverschreibungsgesetz). The common representative solely represents the interests of the bondholders. He is entitled to receive extensive information from the company. He remains, also after his appointment, under instruction from bondholders. The organization of bondholders takes place against the background of continued weak financial performance of Praktiker and continuing uncertainty regarding its financing. The company is unprofitable for six quarters in a row. During this period, cash decreased from 342 million euros to 48 million euros at the end of June 2012. In order to raise necessary new financing, Praktiker offers its most valuable asset Max Bahr as security to potential financing partners. Pontus Soramäki from Alandsbanken Asset Management explains: 'The discussions about different financing packages for Praktiker take place without the involvement of the bondholders. The pledge of Max Bahr to a new financing provider would substantially impair the value of the bond. As Praktiker's largest creditor group, bondholders should have a place at the negotiating table. The appointment of a common representative will achieve this.' The group of bondholders proposes to install Dr. Ingo Scholz as common representative. Dr. Scholz is partner at the law firm Ashurst. He is specialized in corporate finance and debt restructuring. In the past he acted as common representative for bondholders e.g. in Arcandor and Deutsche Nickel. The first vote between 24 and 27 September 2012 requires a quorum of 50% out of the aggregate nominal value. If this quorum is not reached in the first vote, a second voting will be held. The second voting requires no quorum to appoint a common representative. The Praktiker bond has a nominal value of 250 million euros (WKN: A1H3JZ). Alandsbanken Asset Management has been one of its largest investors since issuance of the bond in 2011. Further information is available on the Praktiker website: http://www.praktiker.com/pb/site/praktiker_com/node/340180/Len/index.html Media contact: Charles Barker Corporate Communications GmbH Tobias Eberle / Thilo Neupert Telephone: +49 69 794090-0; Mobile: +49 173 5204436 Email: tobias.eberle@charlesbarker.de; thilo.neupert@charlesbarker.de End of Corporate News --------------------------------------------------------------------- 19.09.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 185696 19.09.2012
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