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DGAP-Adhoc: SGT German Private Equity GmbH & Co. KGaA: SGT German Private Equity - Elimination of the convertible bond of 257 million EUR resolved in connection with the merger, for the benefit of its shareholders
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DGAP-Ad-hoc: SGT German Private Equity GmbH & Co. KGaA / Key word(s): Change
in Forecast/Mergers & Acquisitions
SGT German Private Equity GmbH & Co. KGaA: SGT German Private Equity -
Elimination of the convertible bond of 257 million EUR resolved in
connection with the merger, for the benefit of its shareholders
27-Oct-2020 / 12:36 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
+++ Ad-hoc announcement +++
*SGT German Private Equity - Elimination of the convertible bond of 257
EUR resolved in connection with the merger, for the benefit of its
*- *Elimination of the issuance of the convertible bond of 257 million EUR
and the imminent dilution of up to 103 million shares, without replacement
- Retrospective, fundamental improvement of the conditions of the ongoing
- Many times higher upside opportunity for its shareholders
*Frankfurt/Main, 27 October 2020 - *Today, the SGT German Private Equity, a
listed private equity asset manager, has agreed with the shareholders of the
merger partner SGT Capital Pte. Ltd., SGT Capital LLC, retrospectively to
their merger resolved at the Annual General Meeting on 7 August 2020 that
the convertible bond of 257.46 million EUR, that was resolved as a
compensation for the contribution in kind, will not be issued, but cancelled
without replacement. This relieves the liabilities' side of the future
balance sheet of the merged company substantially and eliminates the
imminent dilution of the existing shareholders of up to 103 million shares.
The reason for the concession of the elimination of the planned issuance of
the convertible bond is a surprisingly asymmetrical accounting effect under
IFRS, being opposed to advise previously obtained, which would have caused
significant book losses upon each fund raising achievement for the launched
private equity fund beyond the base case scenario of 1 billion USD fund
volume, hence would have repeatedly hit the profit and loss statement
With the elimination of the convertible bond, the shareholders will
retrospectively benefit from a fundamental improvement of the conditions of
the ongoing merger.
The management continuously expects sustainable, predictable net profits for
the merged company from market standard asset management fees in a range of
about 0.20 to 0.30 EUR p.a. from 2022 onwards, depending on the respective
fund volume scenario. Due to the elimination of the imminent dilution from
the convertible bond, this range increases ceteris paribus to about 0.20 to
0.80 EUR net profit p.a. from 2022 onwards, which is mainly intended to be
distributed to the shareholders or used for share buybacks. Hence, SGT
German Private Equity is granting its shareholders a many times higher
The compensation for the contribution in kind of SGT Capital Pte. Ltd.,
which is to be contributed to SGT German Private Equity for the purpose of
the agreed merger, and has a fair value ranging from 148.7 up to 618.3
million EUR, depending on the respective fund volume scenario, according to
an indicative company valuation by auditors, is therefore limited to 50
million newly issued SGTGPE shares. Hence, the value of the compensation to
be received amounts to 2.97 up to 12.37 EUR per new share issued.
The company will convene an Extraordinary General Meeting within the next
few days in order to pass a resolution upon the cancellation of the
convertible bond. The management is assuming an approval of the
shareholders, since the elimination represents a major advantage for them.
*Investor Relations Contact
SGT German Private Equity*
27-Oct-2020 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Company: SGT German Private Equity GmbH & Co. KGaA
Bockenheimer Landstraße 109
60325 Frankfurt am Main
Phone: +49 (0)30-54908603
Fax: +49 (0)30-54908604
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt
(Scale), Hamburg, Tradegate Exchange
EQS News ID: 1143289
End of Announcement DGAP News Service
1143289 27-Oct-2020 CET/CEST
(END) Dow Jones Newswires
October 27, 2020 07:36 ET ( 11:36 GMT)
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