Sign in Subscribe
Stock offerings

Noerr Advises TAG Immobilien AG on Implementation of First Stock Dividend

Strategic Insights

— 1 min read

Noerr, led by Dr. Stephan Schulz, advised Hamburg-based TAG Immobilien AG on the implementation of its first stock dividend, a move that offers shareholders the option to receive the dividend for the 2024 financial year entirely in cash or partly in cash and partly in the form of new TAG shares. This innovative approach allows shareholders to reinvest dividend entitlements in TAG shares at an attractive price. The increased liquidity resulting from the reduced cash outflow will be used to support TAG's further growth.

Key Takeaways:

  • TAG Immobilien AG implemented its first stock dividend, allowing shareholders to receive the dividend for the 2024 financial year in cash or partly in cash and partly in the form of new TAG shares.
  • The dividend option provides shareholders with the opportunity to reinvest dividend entitlements in TAG shares at an attractive price of EUR 14.392.
  • The acceptance rate for the scrip dividend was approximately 31 percent of the dividend-bearing shares.
  • TAG conducted a rights issue from authorized capital to create approximately 1.1 million new shares.
  • The issuance included a public offering in the Federal Republic of Germany and Switzerland, as well as a private placement in Australia.
  • Noerr, led by Dr. Stephan Schulz, provided legal advice on the structuring and settlement of the scrip dividend, with Pestalozzi providing legal advice in Switzerland and Clayton Utz in Australia.
  • This transaction is an example of the increasing interest in scrip dividends among German issuers.

Statistics:

  • The subscription price per new share was EUR 14.392.
  • The subscription ratio was 51.4:1.
  • The acceptance rate for the scrip dividend was approximately 31 percent.
  • Approximately 1.1 million new shares were created through the rights issue from authorized capital.
  • The securitization included a public offering in the Federal Republic of Germany, a public offering in Switzerland, and a private placement in Australia.

Sources:

  • Noerr Partnerschaftsgesellschaft mbB press release, dated May 16, 2025, advising Hamburg-based TAG Immobilien AG on the implementation of its first stock dividend.

Read more