Akelius Residential Property AB: Akelius proposes extra dividend
The shareholders of Akelius Residential Property AB will be summoned to an extra general meeting,
2023-12-20.
A dividend on class A ordinary shares will be proposed of EUR 0.225 per share.
No dividend is proposed on the class D ordinary shares.
If adopted, a total dividend on class A ordinary shares will be paid in the amount of EUR 1,314 million.
Consequently, Akelius' liquidity will decrease corresponding to the distributed dividend.
Akelius liquidity was EUR 2,371 million at the end of the third quarter 2023.
guarantee from owner
Akelius Apartments Limited, which owns 85 percent of the class A ordinary shares in Akelius Residential Property AB,
has issued a financial guarantee to Akelius Residential Property AB.
Akelius Apartments Limited undertakes immediately on demand from Akelius Residential Property AB to pay to Akelius Residential Property AB, any and all amounts corresponding to Akelius Residential Property AB's contractual and legal obligations to repay all its loans, bonds or other interest bearing debt upon maturation of such loan, bond or interest bearing debt under their respective terms and conditions including both principal and accrued interest thereon.
Any payments made by Akelius Apartments Limited to Akelius Residential Property AB, in accordance with the above shall be made in the form of unconditional shareholders' contributions except and to the extent that the parties agree otherwise.
The guarantee comes into effect upon the condition that a resolution of dividend is made by the shareholders' meeting, 2023-12-20.
The guarantee is irrevocable.
comply with covenants
After the pay out of the dividends,
Akelius will still comply with all its loan related covenants.
loan-to-value of 45 percent
deviation from finance policy
Akelius' finance policy stipulates that the company's loan-to-value shall be kept below 35 percent.
At the end of Q3, the loan-to-value was 21 percent.
Following the proposed dividend, Akelius will deviate from its finance policy related loan-to-value limit.
At the end of 2023, Akelius estimates a loan-to-value closer to 45 percent.
The board of directors has approved any deviation from the finance policy related to the proposed dividend.
CEO, Ralf Spann
- With the guarantee from the owner,
Akelius continues to be in a very strong financial position.
Berlin, 2023-11-27
Ralf Spann
CEO
+49 173 643 65 90
ralf.spann@akelius.de
This information is information that Akelius Residential Property AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact person set out above, at 11.00am CET on 27 November 2023.
Akelius Residential Property AB's D-shares are listed on Nasdaq First North Growth Market Stockholm.
Avanza Bank is the Certified Adviser of the company, ca@avanza.se,+46-8-409 421 20.