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Noteholders to contribute to restructuring process
Management Board of Praktiker AG asks noteholders for a reduction of the interest rate
Kirkel / Hamburg – 29 February 2012. To support the company’s ongoing restructuring process – as already envisaged with the publication of the restructuring programme end of November 2011 –, Praktiker AG is asking the holders of the corporate bond issued in February 2011 for a contribution to the restructuring process by way of an extensive reduction of the interest rate. To this effect, the Management Board publicly invites all holders of the partial bonds to participate in a so-called ‘vote without meeting’ that will be held under the direction of a notary public during the period from 22 to 25 March 2012. Subject of the proposed resolution is the reduction of the fixed interest rate of the bond to 1.0 per cent per annum with effect from 10 February 2012 to maturity in 2016. Currently, the agreed interest rate amounts to 5.875 per cent per annum.
“With the restructuring process initiated at the end of 2011, the continuation of the company’s business is to be ensured in the long term and the basis for future profitable growth is to be established,” stressed the CEO of Praktiker AG, Thomas Fox. “For this process to be successful it is important that all stakeholders render a reasonable contribution. Besides the principal banks and credit insurers, the shareholders and the company’s own employees this also includes the noteholders of Praktiker AG whom we herewith request to approve the proposed reduction of the interest rate. This would also be a positive signal to other potential investors with whom we have been engaged in intensive and promising negotiations for some weeks already about fresh money for Praktiker.”
This is addressed to the unregistered holders of a total of 250,000 partial bonds at 1,000 euro each which are admitted to trading on the Luxembourg Stock Exchange at. They have to submit their vote to the scrutineer of the voting process, the Hamburg-based notary public Dr. Paul-Joachim von Wissel by mail, fax, email or otherwise in text form within the voting period (22 March 00:01 a.m. 2012 to 25 March 2012 00:01 a.m.). More detailed information about the procedure is available on the internet homepage of the Praktiker Group (www.praktiker.com) under the section “Investor Relations”. The request for voting is expected to be published with the electronic federal gazette (Elektronischer Bundesanzeiger) tomorrow.
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