AMSTERDAM--(BUSINESS WIRE)--Geneba Properties N.V. (“Geneba” or the “Company”) today announced the results its Extraordinary General Meeting of Shareholders (“EGM”) held in Amsterdam, on December 30, 2016. At the meeting over 99.9% of shareholders approved an interim distribution for the year 2016 of approximately EUR 112 million, or EUR 1.15 per share, in cash to the holders of Geneba’s depositary receipts ("DRs").
The EGM vote and approval of the interim distribution followed the closing of the MoTo Objekt Campeon GmbH & Co. KG transaction (“MoTo”).
Dr. Wulf Meinel, CEO of Geneba:
“Geneba is a much stronger company today than at its inception in 2013. This was achieved by first formulating a clear and concise new portfolio strategy and then completing a successful capital raise through a Rights Issue and investing the proceeds according to the business plan. The significant positive progress we have achieved has allowed the company to unlock value for shareholders and take advantage of future opportunities. We appreciate the support of all our shareholders and look forward to the next steps in Geneba’s ongoing evolution.”
Gabriel de Alba, Chairman of the supervisory board of Geneba:
“On behalf of the board, I would like to thank all of Geneba’s shareholders, particularly its minority shareholders, for their support. The last few years have seen a tremendous amount of change at Geneba, evidenced by 17 acquisitions in the last 18 months alone, and the ability to realize immediate value for all shareholders through a distribution of excess capital is an important indication of the overall strength of the company. Going forward, we will continue to explore opportunities for growth and value creation that can benefit all shareholders.”
The distribution will be made in accordance with article 30 of the Company's articles of association to distribute through NPEX this interim distribution, after withholding of any applicable Dutch dividend withholding tax, and will be distributed to persons that are DR Holders on the Record Date (3 January 2017, 8 AM CET). Settlement will commence on the Settlement Date (3 January 2017).
For further information on the MoTo transaction, we refer to Geneba's press release of November 18, 2016. For further information on the distribution, we refer to the press release of December 15, 2016. Both press releases are available via www.geneba.com.
Geneba is a European commercial real estate company that commenced business in 2014 and is headquartered in Amsterdam, the Netherlands. The Company owns and manages a property portfolio of approximately EUR 500 million as of December 30, 2016 consisting mainly of long-term leased corporate real estate assets in Germany and the Netherlands. Geneba's investment strategy focuses on corporate real estate assets which serve its tenants as operational basis, providing “a home to their businesses”. The main investment targets are logistics and light industrial buildings in Germany and the Netherlands. Geneba’s shares trade at NPEX. Geneba is subject to the supervision of the Dutch financial regulator, AFM. For more information: www.geneba.com.