Fürstenberg Capital Erste GmbH / Key word(s): Miscellaneous
06-Apr-2017 / 12:31 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
AD-HOC-ANNOUNCEMENT PURSUANT TO ART. 17 MAR |
Fürstenberg Capital Erste GmbH: No Coupon Payment in 2017 / Sharing in Losses |
Today, 6 April 2017, Fürstenberg Capital Erste GmbH (formerly known as Fürstenberg Capital GmbH) (“Issuer”) was notified by Norddeutsche Landesbank Girozentrale, Hanover (“NORD/LB”) of the fact that, according to NORD/LB AöR’s adopted and audited annual financial statements for the financial year 2016 and in accordance with the German commercial code, a balance sheet deficit before loss absorption through existing silent contributions in the amount of EUR 455.1 million has been incurred. As a consequence thereof, firstly, the payment of a profit participation to the Issuer in respect of the financial year 2016 is fully excluded pursuant to § 3 para 3 of the agreement on the establishment of a silent partnership entered into by and between the Issuer and NORD/LB (“Participation Agreement”) and, secondly, the book value of the silent contribution of the Issuer as shown in the balance sheet of NORD/LB AöR as of 31 December 2016 was reduced by an amount of EUR 4,389,907.80 to an amount of EUR 56,813,092.20 pursuant to § 6 para 1 of the Participation Agreement. |
The terms and conditions of the Capital Notes (ISIN XS0216072230, Common Code 021607223, Dutch Security Code (Fonds Code) 45987, listed on the Euronext Amsterdam stock exchange – Official Segment) of the Issuer provide that payments on the Capital Notes are contingent on payments which the Issuer receives from NORD/LB pursuant to the Participation Agreement. To the extent, the Issuer does not receive such payments, the Issuer will not be obliged to make payments under the Capital Notes. Thus, pursuant to § 6 para (1) of the terms and conditions of the Capital Notes, the total exclusion of the profit participation payment under the Participation Agreement in respect of the financial year 2016 will result in a corresponding total exclusion of the interest payment on the Capital Notes scheduled for 30 June 2017. Noteholders of Capital Notes will therefore not receive interest payments on the Capital Notes in the year 2017. There is no obligation to subsequently compensate for such interest payments excluded. |
In addition, the reduction of the book value of the Issuer’s silent contribution could adversely affect future payment claims of the Noteholders under the Capital Notes. As long as the book value has not been fully replenished from future profits of NORD/LB, profit participations in subsequent financial years as well as NORD/LB’s option to ordinarily terminate the Participation Agreement will be excluded and, in case of an exceptional termination of the Participation Agreement by NORD/LB for regulatory or tax reasons, the repayment amount would correspond to the reduced book value of the Issuer’s silent contribution. Therefore, due to the fact that payments on the Capital Notes are contingent on payments which the Issuer receives from NORD/LB pursuant to the Participation Agreement, interest payments on the Capital Notes could also be excluded in subsequent financial years and under certain circumstances could result in a repayment of the Capital Notes at an amount below their nominal amount. |
Fürstenberg Capital Erste GmbH
Meinbrexener Straße 2
37699 Fürstenberg/Weser
Germany |
06-Apr-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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