9th Jun 2015 04:56
UNTERFOEHRING (Alliance News) - Sky Deutschland AG said that the cash compensation payable to minority shareholders for the transfer of their Sky Deutschland shares has been set at EUR6.68 per share.
This follows the completion on 12 November 2014 of Sky PLC's offer for Sky Deutschland and the announcement on 17 February 2015 that, as the holder of 96.05% of the shares in Sky Deutschland, Sky PLC was initiating the squeeze out of the remaining 3.95% minority shareholdings.
The squeeze out resolution will be approved at an Extraordinary General Meeting of Sky Deutschland scheduled for 22 July 2015.
In a statement, Sky PLC acknowledged the price of EUR6.68 per share.
"The cash compensation payable to minority shareholders is based on the higher of an independent formal valuation of Sky Deutschland prepared for such purpose in accordance with the particular requirements of the German Stock Corporation Act, and the volume weighted average share price of Sky Deutschland for the 3 month period ending 17 February 2015 (the latter being EUR6.68 per share). The value has been determined by an independent valuer to be EUR6.30 per share, and therefore the cash compensation has been set by Sky German Holdings GmbH, a wholly owned subsidiary of Sky PLC, at EUR6.68 per share," Sky said.
Sky said that "the adequacy of the cash compensation offered has been examined and confirmed by a further independent valuer appointed by the competent Munich Court".
"A transfer report has been prepared as part of the squeeze out process in accordance with the requirements of the German Stock Corporation Act. Any financial projections and other forward looking information contained in the report are subject to change and have not been audited. Accordingly, the transfer report should not be treated as forecasting Sky PLC's or the German entities' expected future financial performance in any way," Sky said.
Copyright RTT News/dpa-AFX
Related Shares:
Sky