February 23, 2017 / 6:55 AM / 3 months ago

BRIEF-Drägerwerk Resolves Capital Increase Of Preferred Shares

April 20 (Reuters) - DRAEGERWERK AG & CO KGAA:

* RESOLVES CAPITAL INCREASE OF PREFERRED SHARES AGAINST CASH CONTRIBUTIONS FROM AUTHORIZED CAPITAL

* PRIVATE PLACEMENT WILL COMMENCE IMMEDIATELY AFTER PUBLICATION OF THIS NOTIFICATION

* HAS AGREED TO A CUSTOMARY LOCK-UP PERIOD OF 6 MONTHS, SUBJECT TO STANDARD MARKET EXCEPTIONS.

* ISSUED PREFERENCE BEARER SHARES WILL HAVE A DIVIDEND ENTITLEMENT FROM 1 JANUARY 2019.

* TO SHARE CAPITAL AGAINST CASH CONTRIBUTIONS AND UNDER EXCLUSION OF SHAREHOLDERS’ SUBSCRIPTION RIGHTS BY ISSUING UP TO 1,000,000 NEW NO PAR VALUE PREFERENCE BEARER SHARES

* SHARE CAPITAL IS TO BE INCREASED THROUGH PARTIAL UTILIZATION OF AUTHORIZED CAPITAL RESOLVED AT ANNUAL SHAREHOLDERS MEETING HELD ON 27 APRIL 2016

* NEW PREFERENCE BEARER SHARES WILL BE OFFERED TO INSTITUTIONAL INVESTORS IN A PRIVATE PLACEMENT BY WAY OF AN ACCELERATED BOOKBUILDING PROCESS

* OFFER PRICE OF NEW PREFERENCE SHARES WILL BE DETERMINED BY COMPANY FOLLOWING COMPLETION OF ACCELERATED BOOKBUILDING PROCESS

* NEW PREFERENCE SHARES ARE EXPECTED TO BE ADMITTED TO TRADING WITHOUT A PROSPECTUS ON 22 APRIL 2020

* INTENDS TO TERMINATE SERIES A (ISIN: AND K PARTICIPATION CERTIFICATES (GENUSSSCHEINE) IN APRIL 2020 RESULTING IN A BUYBACK VALUE OF APPROXIMATELY EUR 157 MILLION

* NET PROCEEDS FROM CAPITAL INCREASE WILL PARTIALLY FINANCE TERMINATION OF SERIES A AND K PARTICIPATION CERTIFICATES

* TERMINATION OF PARTICIPATION CERTIFICATES SERIES A AND K WOULD RESULT IN AN INCREASE IN EARNINGS PER ORDINARY AND PREFERENCE SHARE OF APPROXIMATELY 5%

* TERMINATION OF PARTICIPATION CERTIFICATES OF SERIES A AND K WOULD BE EFFECTIVE FROM END OF FISCAL YEAR 2020 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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