DGAP-Ad-hoc: Scout24 AG / Key word(s): Share Buyback/Change in Forecast
Scout24 AG: Share buyback for distribution of capital to shareholders / change of forecast
Therefore, the Management Board and the Supervisory Board, have decided today as follows:
Firstly, continuing the share buyback carried out until the end of January 2020 further shares shall be bought back for a consideration with a total volume of up to approximately 690 million Euro via the stock exchange. In this respect the Company makes use of the authorization granted by the 2017 Annual General Meeting. In addition, it will be proposed to the Annual General Meeting scheduled for June 2020 that this authorisation is renewed. A first tranche of up to approximately 490 million Euro shall be launched as early as in April 2020. This share buyback may be conducted over the course of 2020. The remaining volume of up to approximately 200 million Euro is to be bought back in 2021 until the 2021 Annual General Meeting. Further details will be published before the start of the respective share buyback tranche. Scout24 AG reserves the right to terminate the share buyback at any time.
Secondly, in addition, the Management Board and the Supervisory Board resolved to propose to the Annual General Meeting scheduled for June 2020 to decide on a capital decrease by way of buyback and redemption of treasury shares. The volume for the related consideration shall amount to up to approximately 1,000 million Euro and the buyback shall be conducted through a public tender offer. Subject to the approval by the Annual General Meeting, such measure shall be started early in 2021 following the approval of the financial statements for the financial year 2020 providing the required basis for such return of capital to shareholders.
In addition to the planned share buyback distribution, a dividend payment equivalent to an amount of ca. 94.3 million Euro in line with the Company's dividend policy shall be made and resolved accordingly in the Annual General Meeting 2020.
In addition, the Management Board today suspended its previous forecast for the 2020 financial year due to the significant change in the overall environment caused by the corona crisis.
The Company will keep the capital markets informed in an appropriate and necessary manner.
The Management Board
Notifying Person and Investor Relations
25-March-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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|Listed:||Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London|
|EQS News ID:||1007351|
|End of Announcement||DGAP News Service|
1007351 25-March-2020 CET/CEST