A Gleiss Lutz team has once again advised LEG Immobilien SE on the offer of a scrip dividend and its Annual General Meeting.
On 28 May 2025, LEG’s Annual General Meeting resolved to distribute a dividend of EUR 2.70 per dividend-bearing share. During a subscription period from 30 May 2025 to 16 June 2025, LEG shareholders were given the opportunity to choose whether to receive (part of) their dividend entitlements – amounting to approximately EUR 201 million – in cash or in the form of new shares in LEG. The new shares were offered to the public in the Federal Republic of Germany, Switzerland and Canada and to accredited investors in the US.
Shareholders holding around 38.0% of the shares carrying dividend rights opted to receive their dividends in the form of shares, leaving approximately EUR 76.4 million in the company. The 1,101,135 new shares will be created through a rights issue from authorised capital.
In addition to the scrip dividend, the shareholders also voted on a number of other items at the Annual General Meeting, including the creation of new capital, a new authorisation to issue convertible bonds and/or bonds with warrants, the election of new Supervisory Board members and the approval of the remuneration system for members of the Management Board presented by the Supervisory Board.
With around 172,000 rental properties (as at the end of 2024) and approximately 500,000 residents, LEG SE is one of the leading listed housing companies in Germany. The company has eight branch offices and is also represented by local personal contacts at selected locations. LEG Immobilien SE generated income of EUR 1.303 billion from its core business of renting and leasing in the 2024 financial year.
The following Gleiss Lutz team advised LEG: Prof. Dr. Michael Arnold (partner, Corporate, Stuttgart), Dr. Stephan Aubel (partner, Capital Markets, Frankfurt, both lead), Martin Hitzer (partner, Düsseldorf), Dr. Vera Rothenburg (partner, both Corporate, Stuttgart), Prof. Dr. Christian Arnold (partner, Employment, Stuttgart), Dr. Matthias Gärtner (counsel), Dr. Charlotte Evers (both Corporate, Düsseldorf), Dr. Walter Andert (Berlin), Alexander Gebhardt (counsel), Christian Schröder (all Capital Markets, both Frankfurt).
LEG was advised on Swiss law by a team from Vischer and on Canadian law by Stikeman Elliott.
Forward
