Source: http://www.vossloh-cis.com/ru/investor_relations/corporate_governance/statutory-takeover-related-disclosures/
Timestamp: 2017-10-21 13:48:15
Document Index: 130407079

Matched Legal Cases: ['Art. 30', 'Art. 7', 'Art. 84', 'Art. 84', 'Art. 179', 'Art. 21', 'Art. 27', 'Art. 4', 'Art. 4', 'Art. 4', 'Art. 186', 'Art. 186', 'Art. 4', 'Art. 4', 'Art. 4', 'Art. 4', 'Art. 71']

Statutory takeover-related disclosures under the terms of Arts. 289(4) and 315(4) HGB | Vossloh Russia CIS
Statutory takeover-related disclosures under the terms of Arts. 289(4) and 315(4) HGB
The provisions of Articles 289(4) and 315(4) HGB require that the following takeover-related disclosures as of December 31, 2014, be made.
The Company’s subscribed capital (share capital) of €37,825,168.86 is divided into 13,325,290 no-par bearer shares of common stock, each entitled to one vote.
Each share is entitled to one vote at the Annual General Meeting, the same rights attaching to all Vossloh AG shares. Share transfer or assignment is not subject to any restrictions.
Direct or indirect shareholdings in excess of 10.0 percent
The Executive Board is aware of one investment in the Company’s capital stock that exceeds 10.0 percent of the voting rights: KB Holding GmbH, Grünwald, Germany, holds 29.99 percent of the voting rights in Vossloh AG. These voting rights are to be attributed to the TIB Vermögens- und Beteiligungsholding GmbH, Grünwald, Germany, and Mr. Heinz Hermann Thiele, Germany, pursuant to Art. 30 (1) sentence 1 no. 3 WpHG.
Shares with special rights/controlling rights
Shares with special rights which confer controlling rights do not exist.
Voting control of employee shareholdings
Employees who are shareholders of the Company exercise their control rights similarly to other shareholders, directly in accordance with applicable statutory requirements and the Articles of Incorporation.
Appointment/dismissal of Executive Board members; bylaw amendments
Vossloh AG’s Executive Board members are appointed or dismissed in accordance with the provisions of Articles 84, 85 AktG in conjunction with Art. 7 of the Articles of Incorporation. Pursuant to Art. 84(1) AktG, Executive Board members are appointed by the Supervisory Board for a maximum term of five years, their reappointment or the renewal of their term of office being permitted. The appointment of an Executive Board member may be revoked in the cases set out in Art. 84(3) AktG. While, according to Art. 179(1) AktG, the Articles of Incorporation may be amended by vote of the general meeting, amendments that merely relate to wording may also be delegated to the Supervisory Board. In conformity with Art. 21(2) of the Articles of Incorporation but subject to overriding statutory provisions to the contrary, the general meeting shall pass its resolutions with the simple majority of votes cast. Where the law prescribes a stock ownership majority in addition to a voting majority, the simple majority of the capital stock represented at the vote shall suffice unless the provisions of the law or Vossloh AG’s Articles of Incorporation prescribe otherwise. Art. 27 of the Articles of Incorporation authorizes the Supervisory Board to amend the Articles of Incorporation where only their wording is involved. Art. 4(8) of the Articles of Incorporation further authorizes the Supervisory Board to update the Articles of Incorporation accordingly after the capital stock has been increased by utilizing authorized or contingent capital.
Authority of Executive Board to issue and repurchase shares
Art. 4 of the Articles of Incorporation specifies the Executive Board’s powers to issue new stock.
The provisions of Art. 4(2) of the Articles of Incorporation authorize the Executive Board, subject to the Supervisory Board’s approval, to increase the capital stock on or before May 27, 2019, by an aggregate maximum of €7,500,000 by issuing once or several times new no-par bearer shares of common stock against cash and/or noncash contributions (“Authorized Capital”) while duly granting stockholders their statutory subscription right. However, after first obtaining approval from the Supervisory Board, the Executive Board may exclude this subscription right:
(i) for fractions resulting from the subscription ratio;
(ii) in order to grant to holders of conversion rights, options and/or warrants, or of a conversion obligation from convertible and/or warrant bonds previously floated or issuable by the Company or one of its wholly-owned subsidiaries which are outstanding at the time of the utilization of the authorized capital, subscription rights for new shares in the amount they would be entitled to upon exercise of their conversion rights and/or options or upon satisfaction of a conversion obligation;
(iii) if new shares are issued against cash contributions at a price that is not significantly below the stock market price current for same-class Vossloh stock at the time at which the final issuance price is fixed, and the newly issued stock does not exceed a total of ten percent of the capital stock either at the effective date or at the date of exercise of this authority. The sale of treasury shares is taken into account for this capital limit, if during the term of this authorization this is carried out excluding the subscription right pursuant to Art. 186(3) sentence 4 AktG. Shares issued or issuable to service convertible and/or warrant bonds or to satisfy conversion obligations shall also be counted toward the 10-percent ceiling, provided that the bonds are issued ex rights during the validity period of this authority in application of the provisions of Art. 186(3) Clause 4 AktG;
(iv) for any capital increase against noncash contributions.
The Executive Board is authorized, subject to the Supervisory Board’s approval, to stipulate all further details of the capital increase, as well as all stock issuance terms and conditions.
(i) Pursuant to Art. 4(3) of the Articles of Incorporation, the Company’s capital stock has been conditionally increased by €6,979,134.18 by issuing 2,730,000 bearer shares of common stock. This contingent capital increase will be implemented only to the extent that, under the warrant bond issues floated by Vossloh AG and/or its (directly or indirectly) wholly owned non-German subsidiaries on or before June 28, 1999, the warrant holders exercise their right to subscribe for common stock. The new common shares participate in profits from the beginning of the financial year in which they arise through the exercise of options.
(ii) Pursuant to Art. 4(4) of the Articles of Incorporation, the Company’s capital stock has been conditionally increased by €356,986.54 by issuing 139,641 bearer shares of common stock. This contingent capital increase is implemented only to the extent that the holders of stock options, which are granted to employees under an SOP authorized by the annual general meetings of June 25, 1998, and/or June 3, 2004, have exercised or will exercise their options. The new common stock participates in profits from the beginning of financial year in which it is created by option exercise, on whose profit appropriation is resolved in the succeeding financial year’s AGM.
(iii) Pursuant to Art. 4(5) of the Articles of Incorporation, the Company’s capital stock has been conditionally increased by €1,468,225.77 by issuing 574,320 bearer shares of common stock. This contingent capital increase is implemented only to the extent that the holders of stock options, which are granted to officers, executives and other management staff under a long-term incentive plan (LTIP) authorized by the annual general meetings of June 25, 1998, and June 3, 2004, have exercised or will exercise their options. The new common stock participates in profits from the beginning of financial year in which it is created by option exercise, on whose profit appropriation is resolved in the succeeding financial year’s AGM.
(iv) Pursuant to Art. 4(6) of the Articles of Incorporation, the Company’s capital has been conditionally increased by a total of €3,782,500 by issuing up to 1,479,585 no-par bearer shares of stock in order to grant new no-par bearer shares to the holders or creditors of such convertible bonds, warrant bonds, participating rights and/or income bonds (or any combination of such instruments) as are issued or floated by Vossloh AG or any of its (directly or indirectly) wholly-owned subsidiaries through the authority conferred by the AGM of May 19, 2010, according to Agenda Item 8. The new no-par bearer shares will be issued at a conversion or option price to be determined in accordance with the aforesaid AGM resolution. The conditional capital increase shall be implemented only to the extent that conversion rights or equity warrant options are exercised, the bondholders, warrant owners or creditors subject to a conversion obligation actually meet their conversion obligations, and no cash compensation is paid in lieu, or treasury shares or new shares issued by utilizing authorized capital are used. The newly issued no-par bearer shares participate in profits as from the beginning of the financial year in which they are created by conversion or option exercise or by satisfaction of conversion obligations. The Executive Board is authorized to specify all further details of the conditional capital increase and its implementation.
c) Repurchase of treasury stock
According to the resolution of the Annual General Meeting of May 19, 2010, and pursuant to Art. 71(1) No. 8 AktG, the Company is authorized until May 18, 2015, to acquire treasury stock equivalent to an aggregate maximum of ten percent of Vossloh AG‘s capital stock. The Executive Board exercised this authority to repurchase 1,332,529 treasury shares (10.0 percent of the capital stock) between July 27 and December 2, 2011. No further authority of Vossloh AG to buy back treasury shares exists.
At December 31, 2014, the Company did not hold any treasury shares.
Agreements in the event of a change of control
Nine significant agreements of the Company exist which could come into effect upon a change in control. Change of control in this connection in principle means that a company or person directly or indirectly obtains the majority (>50.0 percent) of the capital shares, or more specifically, the voting shares of the Company.
Two credit facility agreements with Landesbank Baden-Württemberg:
In the event of a change in control, the credit facility agreements with Landesbank Baden-Württemberg contain an extraordinary right of cancellation without notice on the part of the bank of the credit facility agreement and the underlying transactions concluded.
A bonded loan under the leadership of Landesbank Baden Württemberg:
In the event of a change in control, the loan agreement with loan issuers contains a right of the loan issuer to demand payment of the outstanding balance, including accrued interest, from the company within 30 days after becoming aware of the payment of the outstanding amount by the next interest payment date (April 30/Oct. 31 of each year).
A credit facility agreement with the Commerzbank AG:
In the event of a change in control, the credit facility agreement with the Commerzbank AG contains an extraordinary right of cancellation without notice on the part of the bank of ‘’the credit facility agreement and the underlying transactions concluded’’. In the event of termination, the Bank will “allow adequate time for processing, unless an immediate settlement is required”.
Two credit facility agreements with Deutsche Bank AG:
In the event of a change in control, the credit facility agreement with Deutsche Bank AG contains an extraordinary right of cancellation without notice on the part of the bank of ‘’the credit facility agreement and the underlying transactions concluded’’. In the event of termination, the Bank will “allow adequate time for processing, unless an immediate settlement is required”. The other credit facility agreement provides that in the event of a change in control and if “an agreement between the parties on the continuation, if necessary under amended conditions, in terms of interest, security, or other agreements, is not reached in time,” the bank is entitled to an extraordinary termination right. In the event of a cancellation, the outstanding balance, including accrued interest, would be immediately due and payable.
A credit facility agreement with Landesbank Hessen-Thüringen:
In the event of a change in control, the credit facility agreement with Landesbank Hessen-Thüringen contains an extraordinary right of cancellation on the part of the bank (with a four-week period of notice) of the credit facility agreement and the underlying individual loan agreements. In the event of a cancellation, the outstanding balance, including accrued interest, would be immediately due and payable.
A credit facility agreement and a syndicated guarantee with SEB AG:
In the event of a change in control, both agreements with SEB AG contain an extraordinary right of cancellation of the credit facility agreement on the part of the bank. In the event of a cancellation, the outstanding balance, including accrued interest, would be immediately due and payable.
Compensation agreements upon change of control
No agreements for compensation have been reached with members of the Executive Board or employees of the Company in the event of a takeover offer.