Charles Barker Corporate Communications GmbH
Praktiker bond: Second Bondholder Meeting on 9 January 2013
Charles Barker Corporate Communications GmbH / Key word(s): Bond/Legal Matter 20.12.2012 / 11:53 --------------------------------------------------------------------- Frankfurt am Main, 20 December 2012 - Praktiker AG (WKN: A1H3JZ) announced the organization of a bondholder meeting on 9 January 2013. This bondholder meeting follows a bondholder voting without meeting on 24-27 September 2012 which failed to achieve the required quorum. The Praktiker bondholders are seeking to appoint a joint representative that will serve their interests during the ongoing restructuring of Praktiker. A group of bondholders including Alandsbanken Asset Management has initiated the meeting. The group proposes to install Dr. Ingo Scholz as their joint representative. Dr. Scholz is partner at the law firm Ashurst LLP. He is specialized in corporate finance and debt restructuring. In the past he acted as joint representative for bondholders e.g. in Arcandor and Deutsche Nickel. Pontus Soramäki from Alandsbanken explains: 'Praktiker's recent capital measures have improved its liquidity and strenghtened its equity base. At the same time, the company has pledged its most valuable asset, Max Bahr, to new debt providers. A joint representative will allow the bondholders to monitor the intended restructuring and safeguard their interests in case of possible additional funding requirements. The bondholders are Praktiker's largest creditor group. We should be included in any decision regarding the company's capital structure.' The bondholder meeting on 9 January 2013 will take place through physical meeting. The meeting will start at 11:00am CET at the following address (admission from 9:00am CET): Saarlandhalle An der Saarlandhalle 1 66113 Saarbrucken, Germany Praktiker bondholders who cannot attend the meeting in Saarbrucken may vote through a power of attorney. More information on voting by power of attorney and on further required proof for the eligibility to vote can be found on the following website: www.praktiker-anleihe.de The right to appoint a joint representative is vested in the German Debenture Act (Schuldverschreibungsgesetz). The joint 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. Further information is available on the Praktiker website: http://www.praktiker.com/pb/site/praktiker_com/node/340180/Len/index.html Backgound: The first bondholder meeting in September 2012 did not reach the required quorum of 50% of the nominal value of the bond (Euro 250 million). This is due to the broad distribution of bondholders. The second bondholder meeting (on 9 January 2013) does not require a quorum. Voting takes place through simple majority. The organization of the bondholders takes place against the background of continued financial underperformance at Praktiker. Praktiker has been unprofitable for eight consecutive quarters. 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 --------------------------------------------------------------------- 20.12.2012 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 --------------------------------------------------------------------- 197459 20.12.2012
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found