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21st Austria weekly - ams, RBI, S Immo (04/10/2019)

06.10.2019

ams: ams, asupplier of high performance sensor solutions, announces that the minimum acceptance threshold of 62.5% required in conjunction with the all-cash takeover offer for Osram Licht AG announced on 3 September 2019 was not achieved. The final acceptances level was 51.6%. “While the highly attractive ams Offer for Osram at a full valuation was not successful, the strategic logic and the significant advantages of combining ams and Osram are unchanged,” said Alexander Everke, CEO of ams. “Our vision with Osram is to create a global leader in sensor solutions and photonics built around European technology, which will ensure that Europe remains at the forefront of optical technology globally. We intend to leverage our position as Osram's largest shareholder in a dialog with Osram as we continue to pursue the full acquisition of the company, securing a solid future for Osram.” ams continues to view the combination of ams and Osram as strategically compelling given that it would enable the creation of a global leader in sensor solutions and photonics. To this effect and supported by ams shareholders, ams continues to explore strategic options to pursue the acquisition of Osram, on the basis of its shareholding position, as this will translate into a stronger combined company.
AMS: weekly performance: 2.20%

RBI: The European Court of Justice (ECJ) issued a preliminary ruling yesterday in relation to the case of Dziubak versus Raiffeisen Bank International AG (RBI), addressing questions about the invalidity of certain clauses in foreign currency loans to consumers in Poland. The Court’s statements do not qualify particular clauses or the contract as invalid. Instead, the court provides guidance for interpretation of European law on the presumption that national courts would come to that conclusion on a case by case basis. Annulment of the lending contract may be pronounced as a solution of last resort in cases where the remaining contract, stripped of the clauses deemed abusive, would change essential features of the original contract such as the basic risk allocation. The decision allows for the substitution of abusive clauses, provided that it follows supplementary provisions of Polish law and not on the basis of customs and practice. Furthermore, the consequences of annulment need to be carefully assessed so that the borrower may consider all potential negative consequences of invalidity. These consequences remain unclear and are potentially severe for the borrower. For example, in case of annulment the borrower will also be required to pay interest accrued since disbursement of the funds. The ECJ’s decision also makes it very doubtful that the affected loans may be converted to Polish Zloty while retaining the Swiss Franc interest rate. On the basis of yesterday’s decision by the ECJ, at this point in time a meaningful assessment of the outcome and economic impact on foreign currency loans in Poland is not possible. It remains to be seen how yesterday’s verdict will be applied on a case-by-case basis by Polish courts according to Polish law. RBI will closely monitor and evaluate further developments in Polish jurisprudence and legislation, the company said.
RBI: weekly performance: -6.70%

S Immo AG: Real Estate company S Immo AG had invited the holders of the 4.5% S Immo bond 2014-2021 to offer the exchange or the repurchase of their bonds. The exchange and repurchase offer proceeded very successfully with a return rate of roughly 68.2%. During the offer period bonds in the nominal amount of EUR 58,908,000 were offered for exchange and bonds in the nominal amount of Euro 2,282,500 were offered for repurchase. The Company accepts the offers to the full extent. CEO Ernst Vejdovszky comments: “Due to the high acceptance of the offer the objectives pursued can be achieved to a high extent particularly with regard to strengthening the financial profile, increasing the average maturity of financial liabilities and decreasing the costs of funding. The resulting effects will positively impact our FFO starting from the financial year 2020.”
S Immo: weekly performance: 0.24%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (04/10/2019)


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21st Austria weekly - ams, RBI, S Immo (04/10/2019)


06.10.2019, 4212 Zeichen



ams: ams, asupplier of high performance sensor solutions, announces that the minimum acceptance threshold of 62.5% required in conjunction with the all-cash takeover offer for Osram Licht AG announced on 3 September 2019 was not achieved. The final acceptances level was 51.6%. “While the highly attractive ams Offer for Osram at a full valuation was not successful, the strategic logic and the significant advantages of combining ams and Osram are unchanged,” said Alexander Everke, CEO of ams. “Our vision with Osram is to create a global leader in sensor solutions and photonics built around European technology, which will ensure that Europe remains at the forefront of optical technology globally. We intend to leverage our position as Osram's largest shareholder in a dialog with Osram as we continue to pursue the full acquisition of the company, securing a solid future for Osram.” ams continues to view the combination of ams and Osram as strategically compelling given that it would enable the creation of a global leader in sensor solutions and photonics. To this effect and supported by ams shareholders, ams continues to explore strategic options to pursue the acquisition of Osram, on the basis of its shareholding position, as this will translate into a stronger combined company.
AMS: weekly performance: 2.20%

RBI: The European Court of Justice (ECJ) issued a preliminary ruling yesterday in relation to the case of Dziubak versus Raiffeisen Bank International AG (RBI), addressing questions about the invalidity of certain clauses in foreign currency loans to consumers in Poland. The Court’s statements do not qualify particular clauses or the contract as invalid. Instead, the court provides guidance for interpretation of European law on the presumption that national courts would come to that conclusion on a case by case basis. Annulment of the lending contract may be pronounced as a solution of last resort in cases where the remaining contract, stripped of the clauses deemed abusive, would change essential features of the original contract such as the basic risk allocation. The decision allows for the substitution of abusive clauses, provided that it follows supplementary provisions of Polish law and not on the basis of customs and practice. Furthermore, the consequences of annulment need to be carefully assessed so that the borrower may consider all potential negative consequences of invalidity. These consequences remain unclear and are potentially severe for the borrower. For example, in case of annulment the borrower will also be required to pay interest accrued since disbursement of the funds. The ECJ’s decision also makes it very doubtful that the affected loans may be converted to Polish Zloty while retaining the Swiss Franc interest rate. On the basis of yesterday’s decision by the ECJ, at this point in time a meaningful assessment of the outcome and economic impact on foreign currency loans in Poland is not possible. It remains to be seen how yesterday’s verdict will be applied on a case-by-case basis by Polish courts according to Polish law. RBI will closely monitor and evaluate further developments in Polish jurisprudence and legislation, the company said.
RBI: weekly performance: -6.70%

S Immo AG: Real Estate company S Immo AG had invited the holders of the 4.5% S Immo bond 2014-2021 to offer the exchange or the repurchase of their bonds. The exchange and repurchase offer proceeded very successfully with a return rate of roughly 68.2%. During the offer period bonds in the nominal amount of EUR 58,908,000 were offered for exchange and bonds in the nominal amount of Euro 2,282,500 were offered for repurchase. The Company accepts the offers to the full extent. CEO Ernst Vejdovszky comments: “Due to the high acceptance of the offer the objectives pursued can be achieved to a high extent particularly with regard to strengthening the financial profile, increasing the average maturity of financial liabilities and decreasing the costs of funding. The resulting effects will positively impact our FFO starting from the financial year 2020.”
S Immo: weekly performance: 0.24%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (04/10/2019)



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Aktien auf dem Radar:Addiko Bank, Immofinanz, Marinomed Biotech, Flughafen Wien, Warimpex, EuroTeleSites AG, ATX Prime, ams-Osram, AT&S, Palfinger, RBI, Strabag, Pierer Mobility, UBM, CA Immo, Frequentis, Lenzing, SW Umwelttechnik, Oberbank AG Stamm, Wolford, Agrana, Amag, Erste Group, EVN, Kapsch TrafficCom, OMV, Österreichische Post, Telekom Austria, Uniqa, VIG, Wienerberger.


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