DGAP-Adhoc: Fürstenberg Capital II GmbH: No Coupon Payment in 2019 / Sharing Losses

2019. április 11., csütörtök, 17:30





DGAP-Ad-hoc: Fürstenberg Capital II GmbH / Key word(s): Miscellaneous


Fürstenberg Capital II GmbH: No Coupon Payment in 2019 / Sharing Losses


11-Apr-2019 / 17:30 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 2019 / Sharing in Losses
Today, 11 April 2019, 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 2018 and in accordance with the German commercial code, a balance sheet deficit before loss absorption through existing silent contributions in the amount of EUR 2,549.6 million has been incurred. As a consequence thereof, firstly, the payment of a profit participation to the Issuer in respect of the financial year 2018 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 2018 was reduced by an amount of EUR 124,656,013.50 to an amount of EUR 164,933,986.50 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 2018 will result in a corresponding total exclusion of the interest payment on the Capital Notes scheduled for 30 June 2019. Noteholders of Capital Notes will therefore not receive interest payments on the Capital Notes in the year 2019 for the interest period from (and including) 30 June 2018 to (but excluding) 30 June 2019. There is no obligation to subsequently compensate for such interest payments excluded.
In addition, the 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.
Fürstenberg Capital II GmbH

Meinbrexener Straße 2

37699 Fürstenberg/Weser

Germany








11-Apr-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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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: 799063





 
End of Announcement DGAP News Service




799063  11-Apr-2019 CET/CEST







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