22 Subsequent Events
In connection with the public takeover offer that Vonovia SE made to the shareholders of Victoria Park AB, 63.8% of the share capital and 58.7% of the voting rights (including two call options for 9.9% of the share capital and 12.3% of the voting rights) were tendered to Vonovia by the end of the original acceptance deadline of June 18, 2018. During the extended tender period until July 3, 2018, an additional 1.8% of the share capital and 2.0% of the voting rights were tendered to Vonovia, and shares amounting to 0.6% of the share capital and 0.3% of the voting rights were acquired on the market at up to the offer price. The offer for the shares tendered during the extended acceptance deadline was completed on July 11, 2018.
Based on the updated tap issuance master agreement dated March 14, 2018, with the supplement of June 22, 2018 (€ 20,000,000,000 debt issuance program), Vonovia issued a bond in the amount of € 500 million via its Dutch financing company on July 3, 2018 (trading date: June 26, 2018). The bond was issued at an issue price of 99.437%, with a coupon of 0.875% and a maturity of five years.
On July 20, 2018, Heubeck AG published the new Heubeck 2018 G mortality tables. These are based on the most recent statistics from the German Pension Insurance and the German Federal Statistics Office. They form the generally accepted legal basis for the accounting valuation of pension obligations in Germany, and thus also at Vonovia. The considered average life expectancy has again increased, although not as much as in the past. Adjustments are recognized in the consolidated financial statements of Vonovia as a revaluation of net debt in other comprehensive income.
On August 12, 2018, BUWOG announced that the appropriate cash settlement for the minority shareholders of BUWOG who are to be excluded as part of BUWOG’s squeeze-out process had been set by the management boards of BUWOG and Vonovia at € 29.05 per share. The appropriateness of the cash settlement (among other things) is still subject to an audit by the court-appointed expert auditor. The ordinary General Meeting of BUWOG at which the transfer of the shares belonging to minority shareholders to the majority shareholders, among other things, will be decided on is expected to take place on October 2, 2018.
Bochum, Germany, August 24, 2018
Helene von Roeder