HIAG announces key data on capital increase

Basel, 2 November 2021 - In its meeting on 1 November 2021, the Board of Directors of HIAG Immobilien Holding AG, based on the resolution of the Extraordinary General Meeting of 29 September 2021 to create approved share capital in the amount of a maximum of 1'700'000 shares, decided to issue a maximum of 1'686'600 new shares of HIAG Immobilien Holding AG with a nominal value of CHF 1.00 within the scope of a rights offering. The price range for the new shares of HIAG Immobilien Holding AG was set at CHF 94.00 to CHF 96.00. The subscription ratio for the public shareholders is 5:2: Five shares held will grant the right to purchase two new shares at the offer price. There will be no rights trading.The new shares carry full voting and dividend rights from the the fiscal year 2021 and are equal to the existing shares in all respects. Zürcher Kantonalbank is acting as Sole Lead Manager of the capital increase.

 

Rights offering and share placement

The cut-off date for the allocation of pre-emptive rights is 3 November 2021 after close of trading. The rights exercise period as well as the bookbuilding period for new shares not taken by existing shareholders will start on Thursday, 4 November 2021. The rights exercise period will end on Friday, 12 November 2021, 12:00 noon CET, the bookbuilding period will end on Monday, 15 November 2021, 12:00 noon CET. Rights not exercised will expire without compensation after the rights exercise period and will be at the disposal of the Board of Directors for free use in the interest of the Company. The final rights offer price, which will be identical to the placement price, and the final number of new shares are expected to be published on 16 November 2021 based on the outcome of the rights exercise and the bookbuilding process. The listing of the new shares of HIAG Immobilien Holding AG on the SIX Swiss Exchange (regulatory standard real estate companies) has been applied for. Trading in the new shares is scheduled to commence on Thursday, 18 November 2021.

 

Expected proceeds from the offering

Based on a rights offering respectively placement price in the middle of the price range, the Company expects net proceeds from the offering of approximately CHF 155.9 million. This amount has been calculated based on the assumption that shareholders either exercise their rights in full or that all new shares offered for which no rights have been exercised are placed with investors.

 

Commitment of the anchor shareholders

The anchor shareholders intend to participate in the rights issue with around 18% of their pre-emptive rights, which is expected to lead to an increase in the free float from currently just under 37% to approximately 45%. The shares not taken will be offered to existing shareholders and new investors as described earlier. In addition, the anchor shareholders, HIAG Immobilien Holding AG and its Board of Directors and Executive Committee, have committed to a lock-up period of 12 months after the listing of the new shares.

 

Use of proceeds and expected development of NAV

The proceeds from the capital increase are intended to be used to finance projects, reduce debt and realise acquisition opportunities for properties with long-term cash flow and value enhancement potential that add value to HIAG's portfolio.

 

HIAG expects the NAV to increase again in the second half of the fiancial year due to the remaining good business performance, the net proceeds from targeted sales of non-strategic properties and positive effects from revaluations.

 

Prospectus, key data and expected schedule of the capital increase

Copies of this prospectus can be downloaded from HIAG's website at https://www.hiag.com/en/investors/reporting-centre/ or are available free of charge at Zürcher Kantonalbank, IHKT, P.O. Box, 8010 Zurich, Switzerland (e-mail: prospectus@zkb.ch; phone: +41 44 292 20 11).

 

Key data

Stock exchange	SIX Swiss Exhange
Regulatory standard	Real estate companies
Ticker	HIAG
Swiss security number registered share	23951877
ISIN registered share	CH0239518779
Swiss security number offering right	113453045
ISIN offering right	CH1134530455
Price range of the subscription or placement price	CHF 94.00 bis CHF 96.00
Number of new shares	Maximum 1'686'600 Shares
Expected total number of shares issued after the capital increase	Maximum 10'119'600 Shares

 

Expected schedule

Cut-off date for allocation of pre-emptive rights	3 November 2021, after close of trading
Start rights exercise period and bookbuilding	4 November 2021
End of rights offering period	12 November 2021, 12:00 noon CET
End of bookbuilding	15 November 2021, 12:00 noon CET
Publication of final subscription resp. placement price and definitive number of shares offered	16 November 2021
Listing ang first trading day	18 November 2021
Settlement date	18 November 2021