ADVA Optical Networking SE / Keywords: Miscellaneous
ADVA Optical Networking SE: Amount of Recurring Compensation Under Domination and Profit and Loss Transfer Agreement with ADTRAN Holdings, Inc.
November 29, 2022 / 20:14 CET/CEST
Disclose inside information acc. According to Article 17 MAR of Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
ADVA Optical Networking SE: Amount of Recurring Compensation Under Domination and Profit and Loss Transfer Agreement with ADTRAN Holdings, Inc.
Munich, Germany, 29 November 2022.
On October 18, 2022, the Management Board of ADVA Optical Networking SE (“ADVA”) disclosed its relationship with ADVA as a controlled company and Adtran Holdings, Inc. (“Yardland Holdings) as the holding company is proposed. This includes cash compensation under Sec. Section 305 of the German Stock Companies Act (AG – “ikB“) EUR 17.21 per ADVA share, and regular annual compensation payments according to Sec. 304 AktG in ADVA’s financial year was EUR 0.59 gross or EUR 0.52 net per share.These amounts are based on rounded risk and term equivalent annuity rates (Verrentungszinssatz) 3.0%. The announcement noted that possible changes in the interest rate environment may result in a slight increase in the annual recurring compensation payment. The two parties agreed on the specific amount of the annuity interest rate, which ranges from 3.25-5.5%.Details are described in the ADVA Extraordinary Congress Invitation published in the German Federal Register (Bundesrat) October 24, 2022.
Following a meeting with valuation specialists PVT Financial Advisors SE today, the ADVA Management Board assumed that the annuity rate would remain unchanged at 3.0% on November 30, 2022. Accordingly, the EGM will decide to enter into a control and profit and loss transfer agreement, its second section. 4 paragraphs. 2 Provides for an annual recurrent compensation of EUR 0.59 gross or EUR 0.52 net per share (after deduction of current corporate income tax and solidarity surcharges) for the financial year of ADVA. The amount of cash compensation that the parties do not wish to be affected by changes in the annuity rate remains at EUR 17.21.
disclaimer
To the extent any announcements in this document contain forward-looking statements, such statements do not represent facts and are characterized by words such as “will,” “expects,” “believes,” “estimates,” “intends,” “aims” and similar terms , “assuming” or similar expressions. Such statements express the intentions, opinions or current expectations and assumptions of ADVA and those acting with ADVA. Such forward-looking statements are based on current plans, estimates and projections, which ADVA and persons acting with ADVA make to the best of their knowledge, but they do not claim that these statements will prove to be correct in the future. Forward-looking statements are subject to risks and uncertainties that are difficult to predict and generally not the influence of ADVA or persons acting with ADVA. These expectations and forward-looking statements may prove to be incorrect and actual events or consequences may differ materially from those contained or expressed in such forward-looking statements.
Investor Notifier and Contact:
steven williams
Tel: +49 89 890 66 59 18
Press Contact:
Gareth Spence
Tel: +44 1904 69 93 58
November 29, 2022 CET/CEST EQS distribution service includes regulatory announcements, financial/corporate news and press releases.
Archived at www.eqs-news.com