UK markets closed

Fürstenberg Capital II GmbH: No Coupon Payment in 2020 / Sharing in Losses

Fürstenberg Capital II GmbH / Key word(s): Miscellaneous
Fürstenberg Capital II GmbH: No Coupon Payment in 2020 / Sharing in Losses

24-March-2020 / 18:19 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


 
AD-HOC-ANNOUNCEMENT PURSUANT TO ART. 17 MAR
Fürstenberg Capital II GmbH: No Coupon Payment in 2020 / Sharing in Losses
Today, 24 March 2020, Fürstenberg Capital II GmbH ("Issuer") was notified by Norddeutsche Landesbank Girozentrale, Hanover ("NORD/LB") of the fact that, according to NORD/LB AöR's prepared and audited annual financial statements for the financial year 2019 and in accordance with the German commercial code, a balance sheet deficit before loss absorption through existing silent contributions in the amount of EUR 542.9 million has been incurred. As a consequence thereof, firstly, the payment of a profit participation to the Issuer in respect of the financial year 2019 is fully excluded pursuant to § 3 para 3 of the agreement on the establishment of a silent partnership entered into by and between the Issuer and NORD/LB ("Participation Agreement") and, secondly, the book value of the silent contribution of the Issuer as shown in the balance sheet of NORD/LB AöR as of 31 December 2019 was further reduced by an amount of EUR 14,424,208.80 to an amount of EUR 150,509,777.70 pursuant to § 6 para 1 of the Participation Agreement.
The terms and conditions of the Capital Notes (ISIN DE000A0EUBN9, Common Code 021983110, WKN A0EUBN, Dutch Security Code (Fonds Code) 15379, listed on the Euronext Amsterdam stock exchange - Official Segment) of the Issuer provide that payments on the Capital Notes are contingent on payments which the Issuer receives from NORD/LB pursuant to the Participation Agreement. To the extent, the Issuer does not receive such payments, the Issuer will not be obliged to make payments under the Capital Notes. Thus, pursuant to § 6 para (1) of the terms and conditions of the Capital Notes, the total exclusion of the profit participation payment under the Participation Agreement in respect of the financial year 2019 will result in a corresponding total exclusion of the interest payment on the Capital Notes scheduled for 30 June 2020. Noteholders of Capital Notes will therefore not receive interest payments on the Capital Notes in the year 2020 for the interest period from (and including) 30 June 2019 to (but excluding) 30 June 2020. There is no obligation to subsequently compensate for such interest payments excluded.
In addition, the further reduction of the book value of the Issuer's silent contribution could adversely affect future payment claims of the Noteholders under the Capital Notes. As long as the book value of the silent contribution has not been fully replenished from future profits of NORD/LB, profit participations in subsequent financial years as well as NORD/LB's option to ordinarily terminate the Participation Agreement will be excluded and, in case of an exceptional termination of the Participation Agreement by NORD/LB for regulatory or tax reasons, the repayment amount would correspond to the reduced book value of the Issuer's silent contribution (as determined in the Bank's balance sheet for the Bank's fiscal year in which the termination date in respect of the Participation Agreement occurs). Therefore, due to the fact that payments on the Capital Notes are contingent on payments which the Issuer receives from NORD/LB pursuant to the Participation Agreement, interest payments on the Capital Notes could also be excluded in subsequent interest periods and under certain circumstances could result in a repayment of the Capital Notes at an amount below their nominal amount.

Dr. Heinrich Hahn, Managing Director
 
Fürstenberg Capital II GmbH
Meinbrexener Straße 2
37699 Fürstenberg/Weser
Germany

24-March-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: Fürstenberg Capital II GmbH
Meinbrexener Str. 2
37699 Fürstenberg
Germany
Phone: 05271-697638
Fax: 05271-697623
Internet: www.fc-bkm.de
ISIN: DE000A0EUBN9
WKN: A0EUBN
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Amsterdam, SIX
EQS News ID: 1005917


 
End of Announcement DGAP News Service


show this
  • Barrack Says Real Estate Collapse Will Take Hold in April
    Finance
    Bloomberg UK

    Barrack Says Real Estate Collapse Will Take Hold in April

    Mar.30 -- Real estate billionaire Tom Barrack, Colony Capital's chairman, founder and chief executive officer, talks about the state of the commercial mortgage market and if the Federal Reserve is doing enough to help it. He speaks to Erik Schatzker on "Bloomberg Markets."

  • Anger over virus patient accused of fleeing lockdown
    News
    Sky video

    Anger over virus patient accused of fleeing lockdown

    The mayor of Acerra, near Naples, has accused a woman of fleeing northern Italy's lockdown and later testing positive for coronavirus.

  • Facts about credit cards you probably didn’t know
    Finance
    Fool.co.uk

    Facts about credit cards you probably didn’t know

    There's more to that credit card than you might think, check out these fun facts.The post Facts about credit cards you probably didn't know appeared first on The Motley Fool UK.

  • Finance
    Reuters

    KFC owner Yum Brands breaks junk debt market's fast

    Yum's bond offering represented a glimmer of investor demand in one the riskiest corners of the corporate credit market, which seized up for much of March after the coronavirus outbreak morphed into an economically devastating pandemic. While U.S. companies last week issued new investment-grade

  • Airbnb to pay out $250 million to hosts to help ease coronavirus cancellation pain
    Finance
    Reuters

    Airbnb to pay out $250 million to hosts to help ease coronavirus cancellation pain

    The aid, which will pay hosts 25% of their normal cancellation fees, is being offered globally except for China. The payments to hosts apply to the cancellation of reservations with check-in dates between March 14 and May 31. Because hosts can choose different cancellation policies, some requiring

  • Credit Suisse weighs curbing bonuses at time of coronavirus - CEO
    Finance
    Reuters

    Credit Suisse weighs curbing bonuses at time of coronavirus - CEO

    Credit Suisse bank could restrain 2020 bonuses in a show of unity with victims of the coronavirus epidemic in Switzerland, Chief Executive Thomas Gottstein said on Monday. In three business days, Switzerland's second-biggest bank has paid out 1.24 billion Swiss francs ($1.29 billion) in loans to

  • Finance
    Reuters

    Oil pipeline, producer standoff prompts new call for Texas shale curbs

    As a weekend standoff over oil shipments emerged between Texas pipeline operators and shale producers, a state energy regulator has renewed his controversial call for mandated 10% cuts to address a growing a crude glut. Oil prices have fallen more than 60% this year as the coronavirus pandemic has destroyed

  • Finance
    Reuters

    South Korea business sentiment suffers worst monthly fall in 17 years

    South Korean businesses sentiment suffered its worst monthly fall in 17 years as firms fretted over the coronavirus pandemic and the impact on demand at home and from abroad, a central bank survey showed. Published by the Bank of Korea on Tuesday, the manufacturing BSI for April plunged to 52 on a seasonally

  • Finance
    Reuters

    Visa transaction volumes hurt as coronavirus crisis deepens

    The company said transaction volumes fell in the second half of March and there has been a rapid deterioration in cross-border travel-related spending. The coronavirus has upended the retail industry as shoppers stay at home to avoid catching the highly contagious illness and stores remain shut. Mastercard

  • Fiat Chrysler executives, salaried employees to take pay cuts during coronavirus pandemic
    News
    Reuters

    Fiat Chrysler executives, salaried employees to take pay cuts during coronavirus pandemic

    Chief Executive Officer Mike Manley said in the memo he will take a 50 percent pay cut for three months starting April 1, while Chairman John Elkann and FCA's board of directors will forego the remainder of their 2020 compensation. FCA said most global salaried employees will be asked to take a

  • Finance
    Reuters

    World Bank urges G20 to refrain from export restrictions for pandemic supplies

    The World Bank on Monday urged the Group of 20 major economies (G20) to refrain from imposing new export restrictions on critical medical supplies, food or other key products as the world battles the devastating coronavirus pandemic. In a statement to a video conference of G20 trade ministers, a senior

  • Workers go on strike at Amazon delivery site in Italy amid coronavirus
    News
    Reuters

    Workers go on strike at Amazon delivery site in Italy amid coronavirus

    Around one-third of those working at an Amazon delivery station in central Italy went on strike on Monday, a union representative said, citing a request for enhanced safety measures for workers amid the coronavirus health emergency. A company representative told Reuters activity at Amazon's site

  • Ford, GE to produce 50,000 ventilators in 100 days
    Finance
    Reuters

    Ford, GE to produce 50,000 ventilators in 100 days

    Ford Motor Co said on Monday it will produce 50,000 ventilators over the next 100 days at a plant in Michigan in cooperation with General Electric's healthcare unit, and can then build 30,000 per month as needed to treat patients afflicted with the coronavirus. Ford said the simplified ventilator

  • Fiat Chrysler CEO to halve his salary for three months in virus response - letter
    News
    Reuters

    Fiat Chrysler CEO to halve his salary for three months in virus response - letter

    Fiat Chrysler top executives will temporarily cut their salaries to preserve the automaker's financial soundness during the coronavirus emergency, Chief Executive Mike Manley told employees on Monday. Chairman John Elkann and the other members of the board will give up their entire salaries until

  • French luxury group Hermes reduces proposed dividend over coronavirus
    Finance
    Reuters

    French luxury group Hermes reduces proposed dividend over coronavirus

    French luxury goods group Hermes said on Monday it has decided to trim its planned 2020 dividend to shareholders in response to the coronavirus outbreak. The French government has put pressure on big French companies to ditch their dividends in order to keep cash in their businesses and has banned firms

  • Houseparty says no evidence to suggest app compromises other accounts
    Finance
    PA Media: Tech

    Houseparty says no evidence to suggest app compromises other accounts

    The app has exploded in popularity as many people find new ways to communicate during the coronavirus lockdown.

  • Finance
    Reuters

    Russia's Transneft settles part of dirty oil claims with Total

    Russian oil pipeline monopoly Transneft said on Monday it has partially settled claims with French energy major Total over contaminated oil that flooded the Soviet-built Druzhba pipeline in April 2019. Transneft said the agreement covers oil supplied by Russian company Surgutneftegaz to Total, including

  • Citi's Levkovich Cuts S&P 500 Year-End Forecast Again to 2,700
    Finance
    Bloomberg UK

    Citi's Levkovich Cuts S&P 500 Year-End Forecast Again to 2,700

    Mar.30 -- Tobias Levkovich, Citigroup U.S. equity strategist, talks about why he's dropping his forecast for the S&P 500 index again, how different economies can recover from the coronavirus crisis, and dropping oil prices. He speaks with Bloomberg's Vonnie Quinn and Romaine Bostick on "

  • Charter flights to help stranded Britons get home
    Finance
    PA Media: Money

    Charter flights to help stranded Britons get home

    British Airways has said they will work with Government to get people home and other airlines are expected to join.

  • Finance
    Reuters

    Poland's PGNiG wins $1.5 billion in court battle with Gazprom

    WARSAW/MOSCOW (Reuters) - Poland's largest gas distributor PGNiG said on Monday that an international arbitration court had ruled that Russian gas giant Gazprom must pay it about $1.5 billion in a pricing dispute case. Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) said the arbitration tribunal

  • Finance
    Reuters

    Fimalac to provide new financing for Casino's holding company

    French financial group Fimalac has agreed to provide new financing facilities for Rallye , the holding company behind supermarket retailer Casino which has been under pressure to cut its debts. Rallye said on Monday that Fimalac had undertaken to provide a financing facility with a maturity of 4 years

  • Grounded easyJet faces further turbulence with Stelios negotiations
    Finance
    The Guardian

    Grounded easyJet faces further turbulence with Stelios negotiations

    Grounded easyJet faces further turbulence with Stelios negotiations. Founder is embroiled in a row with the airline as he demands it ditches an order for 107 Airbus aircraft

  • Police seek hospital hand sanitiser thief
    News
    Sky video

    Police seek hospital hand sanitiser thief

    The man is seen apparently removing the entire dispenser from the wall outside a ward in Northampton General Hospital.

  • Zalando says coronavirus crisis hits sales, profit
    Finance
    Reuters

    Zalando says coronavirus crisis hits sales, profit

    German online fashion retailer Zalando said on Monday it was trimming spending and investment as coronavirus lockdowns hit its sales and profitability, while it would speed up an initiative to help currently closed stores to sell online. Europe's biggest pure online fashion retailer said it was

  • Cheap Covid-19 test kits for Ocado staff may be unreliable, union warns
    Finance
    The Guardian

    Cheap Covid-19 test kits for Ocado staff may be unreliable, union warns

    Cheap Covid-19 test kits for Ocado staff may be unreliable, union warnsOnline grocer unable to explain why 100,000 kits ordered from China cost far less than rivals * Coronavirus – latest updates * See all our coronavirus coverage