The 1:3 stock split agreed at the Annual General Meeting of ElringKlinger AG on May 30, 2008, will be implemented on July 4, 2008, after the close of the stock exchange. The initial "ex-split" listing of the new shares is to take place on July 7, 2008.
1:3 stock split
The company's share capital will be restructured into 57,600,000 no-par-value shares with a notional interest in share capital of EUR 1.00 per share. As a result of the split, the overall number of shares will increase threefold. The corresponding amendment to the Articles of Association as agreed at the General Meeting on May 30, 2008 was recorded at the Stuttgart District Court in the Commercial Register on June 9, 2008.
The stock split will have no effect on the company's ownership structures or equity. Therefore, as of July 7, 2008, ElringKlinger's share price is expected to adjust downwards to approximately one-third of its pre-split price.
The rationale behind this measure is to promote the liquidity of ElringKlinger stock by means of higher trading volumes.
Procedure Details
The custodian banks will make the appropriate adjustments to shares deposited in safe custody accounts on the basis of the balance held on the evening of July 4, 2008, by crediting three no-par-value shares to shareholders' safe custody accounts for each no-par-value share originally held. The reorganization of share capital will also involve a reclassification of the stock exchange listing of the company's registered shares. The listings of registered shares (ISIN DE0007856023) in ElringKlinger AG within the regulated market of the Frankfurt am Main and Stuttgart stock exchanges will be reclassified on July 7, 2008. Effective from this date, the company's registered shares will be traded and listed as "ex split". Existing stock exchange orders will expire at the end of July 4, 2008.
The adjustments performed by custodian banks to safe custody accounts are free of charge for shareholders.
1:3 stock split
The company's share capital will be restructured into 57,600,000 no-par-value shares with a notional interest in share capital of EUR 1.00 per share. As a result of the split, the overall number of shares will increase threefold. The corresponding amendment to the Articles of Association as agreed at the General Meeting on May 30, 2008 was recorded at the Stuttgart District Court in the Commercial Register on June 9, 2008.
The stock split will have no effect on the company's ownership structures or equity. Therefore, as of July 7, 2008, ElringKlinger's share price is expected to adjust downwards to approximately one-third of its pre-split price.
The rationale behind this measure is to promote the liquidity of ElringKlinger stock by means of higher trading volumes.
Procedure Details
The custodian banks will make the appropriate adjustments to shares deposited in safe custody accounts on the basis of the balance held on the evening of July 4, 2008, by crediting three no-par-value shares to shareholders' safe custody accounts for each no-par-value share originally held. The reorganization of share capital will also involve a reclassification of the stock exchange listing of the company's registered shares. The listings of registered shares (ISIN DE0007856023) in ElringKlinger AG within the regulated market of the Frankfurt am Main and Stuttgart stock exchanges will be reclassified on July 7, 2008. Effective from this date, the company's registered shares will be traded and listed as "ex split". Existing stock exchange orders will expire at the end of July 4, 2008.
The adjustments performed by custodian banks to safe custody accounts are free of charge for shareholders.
