Actually, it should not go to the shareholder meeting of Sunrise even to the purchase of the cable network operator UPC. But the struggle to find the funding for the 6.3 billion franc Takeover overshadowed the General Assembly on Wednesday.
The German major shareholder in Freenet blocked a resolution for a capital increase. Although it was not to the planned 4.1 billion dollar capital injection, with the Sunrise to the purchase intends to Finance the shareholders will vote later.
With the authorised capital of Sunrise had, however, already, even before this large increase of capital can get the money from the shareholders, albeit in a very small extent of only 4.2 million Swiss francs. This is now no longer possible. And at the same time, the step is not a warning shot, that the acquisition by UPC Switzerland is still in dry towels.
“Freenet has deprived us of the option of conditionality.” André Krause, Sunrise-chief financial officer
the General Assembly agreed only about 59.3 percent of shareholders present approved capital framework. Thus, the required Two-thirds was not achieved majority.
Sunrise-chief financial officer André Krause said, the company have a game now a little less room to maneuver. “It could be that we come together with Freenet, is of the opinion that it makes prior to the capital increase made sense to take an early capital increase in pressure of the large capital increase. We can’t now. Freenet has robbed us of optionality,” he said to the Reuters news Agency.
no decision by Freenet
Whether Freenet will vote later for the crucial extraordinary General meeting in the autumn for or against the major capital increase in the amount of 4.1 billion Swiss francs, had not yet been decided, said Freenet’s chief lawyer Alexander Borgwardt on the edge of the GV.
The German company holds about a quarter of the Sunrise shares and would have to contribute around a billion francs for the capital increase to keep his share. Under Freenet does nothing, drops the participation of automatically – especially since the planned capital increase to 4.1 billion Swiss francs in excess of the market value of Sunrise.
May Two-thirds majority needed
in Order to get the shareholders the green light for the Deal, needed Sunrise at the upcoming extraordinary General meeting of shareholders by a simple majority. Under certain conditions, it may be, however, a Two-thirds majority needed, such as Sunrise-Peter Kurer, Chairman, said: Should I buy the seller of UPC, Switzerland, Liberty Global, before Sunrise-stock, would meet these formal requirements.
And then it would be for Freenet with a participation of 24.5 per cent is also comparatively easy to block decisions. Because shareholders ‘ meetings are not usually represent all of the owners: On Wednesday, the presence was just under 62 percent. However, there are, according to Krause no evidence that Liberty is planning such a step. “Liberty is aware of and it is not a serious Option, because they have a strong interest in ensuring that the transaction takes place. This is a theoretical Option,” said the chief financial officer. You acknowledge Liberty with the opportunity to buy until the closing of the deal up to ten percent of the Sunrise stock.
the rejection of The capital increase enjoyed by investors: On the Swiss stock exchange, the Sunrise, the share price has put up the close of trade, up 2.7 percent, while the overall market the SPI was down 0.2 percent.
(step/sda)
Created: 10.04.2019, 17:54 PM
