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DRAGERWERK AG & CO. KGAA (FRA:DRW8) Drägerwerk AG & Co. KGaA: DRÄGERWERK AG & Co. KGaA solicits holders of participation certificates of series A, K and D to submit offers to sell and announces dividend proposal; adjustment of dividend policy

Directive transparence : information réglementée

15/02/2012 07:31
Drägerwerk AG & Co. KGaA / Key word(s): Corporate Action/Dividend 15.02.2012 07:31 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Ad hoc report in accordance with Sec. 15 of the German Securities Trading Act DRÄGERWERK AG & Co. KGaA solicits holders of participation certificates of series A, K and D to submit offers to sell and announces dividend proposal; adjustment of dividend policy Drägerwerk AG & Co. KGaA solicits the holders of participation certificates (Genussscheine) of Series A, K and D (Series A: ISIN DE0005550651, WKN 555065; Series K: ISIN DE0005550677, WKN 555067; Series D: ISIN DE0005550719, WKN 555071) which are admitted to trading in the regulated market (Regulierter Markt) on Frankfurt Stock Exchange, Düsseldorf Stock Exchange, Hanseatic Stock Exchange, Munich Stock Exchange and Baden-Württemberg Stock Exchange (Series A and K have also been included in trading on the unofficial market (Freiverkehr) of Berlin Stock Exchange) to submit offers to sell these participation certificates to Drägerwerk AG & Co. KGaA at a price of 210.00 Euro. The offer period is expected to start on February 20, 2012 (including) and to end on March 19, 2012, 12:00 midnight (Frankfurt am Main local time). If all participation certificates were to be submitted, the volume of the solicitation would amount to 296.8 million Euro. Drägerwerk AG & Co. KGaA will finance the transaction volume out of cash and, additionally, has available unused credit facilities. With the transaction the Executive Board (Vorstand) of the general partner (persönlich haftende Gesellschafterin) intends to simplify and optimize the capital structure of Drägerwerk AG & Co. KGaA as participation certificates have largely lost their function as an equity instrument. Splitting the market capitalization of Drägerwerk AG & Co. KGaA between different participation certificate series in addition to the existing classes of shares is not efficient and conflicts with an optimal equity funding of Drägerwerk AG & Co. KGaA by way of shares. In order to finance the optimization of the capital structure the Executive Board of the general partner is going to propose to the annual shareholders' meeting on May 4, 2012 - together with the Supervisory Board (Aufsichtsrat) - a reduced dividend of 0,19 Euro per preferred share (Vorzugsaktie) and 0,13 Euro per common share (Stammaktie). Due to the prevailing insecure economic outlook Drägerwerk AG & Co. KGaA aims at a higher equity ratio of 40% on a consolidated basis in mid-term to widen its strategic opportunities to act. Reaching an equity ratio of 40%, Drägerwerk AG & Co. KGaA plans to pay out again approximately 30% of the Dräger Group's net profit (less non-controlling interests in net profit). Until then, the Executive Board of the general partner intends to pay out approximately 15% of the Group's net profit (less non-controlling interests in net profit). With these measures the executive board, together with the supervisory board, aims at allowing shareholders a higher return on investment in the long-term based on the future optimized capital structure. The solicitation gives the holders of participation certificates the opportunity to offer the sale of their participation certificates to Drägerwerk AG & Co. KGaA without being impacted by the reduced dividend for 2011 and the adjusted dividend policy. The price of 210.00 Euro amounts to a premium of 27.6 % (Series A), 23.4 % (Series K) and 25.8 % (Series D) above the three months weighted average price and tops the all time high trading prices by 6.7 %, 7.1 % and 9.1 % respectively. The solicitation will not be made to any U.S. Person or person in the U.S.A. and will be subject to further restrictions. Drägerwerk AG & Co. KGaA Moislinger Allee 53-55 23558 Lübeck, Germany www.draeger.com Investor Relations: Vanina Hoffmann Phone: +49 451 882-2685 vanina.hoffmann@draeger.com Corporate Communications: Melanie Kamann Phone: +49 451 882-3998 melanie.kamann@draeger.com 15.02.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Drägerwerk AG & Co. KGaA Moislinger Allee 53-55 23542 Lübeck Germany Phone: +49 (0)451 882-0 Fax: +49 (0)451 882-2080 E-mail: info@draeger.com Internet: www.draeger.com ISIN: DE0005550602, DE 000 555 063 6, DE 000 555 065 1, DE 000 555 067 7, DE 000 555 071 9 WKN: 555060, 555063 Vorzüge, 555065 Genussschein A, 555067 Genussschein K, 555071 Genussschein D Indices: TecDAX Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München; Freiverkehr in Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------