German private equity firm Deutsche Beteiligungs (DBAG) is to convert all of its 13.7 million bearer shares into ordinary shares to improve communications with shareholders and reduce costs.
The decision was made at DBAG’s annual meeting in March this year.
The firm, which is a component of Germany’s Dax index, currently has 70 per cent of shares in free float with a market cap of €255m. All of DBAG’s shares are expected to be traded on stock exchanges in the form of registered shares for the first time on July 1 this year.
DBAG said, “The conversion to registered shares is aimed at enabling more direct communications with the company’s shareholders, greater transparency in the shareholder profile and, not least in the mid-term, lower costs, such as in conjunction with the annual meeting.”
Earlier this month DBAG released its interim report, which showed a net income of €18.9m including €11.9m in the second quarter. This was below the income of €27.7m reported for the previous six month period.
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