French office-focused Fonciere des Regions (FdR) has said that its board will propose the option to shareholders of being paid the 2009 dividend with new FdR shares at a price of EUR 65 per share. In a statement on Friday, the company said that the initiative is aimed at continuing 'the programme of strengthening the group's financial structure.'
French office-focused Fonciere des Regions (FdR) has said that its board will propose the option to shareholders of being paid the 2009 dividend with new FdR shares at a price of EUR 65 per share. In a statement on Friday, the company said that the initiative is aimed at continuing 'the programme of strengthening the group's financial structure.'
Metz-based FdR is also offering an alternative payment of EUR 3.30 in cash and six shares in Beni Stabili per FdR share held, in a move which will help the Italian unit Beni Stabili to convert to REIT status.
Shareholders representing 40% of the capital have already committed to opt for the proposed dividend to be paid in new FdR shares, the company added. Depending on the result of the take-up by shareholders, the transaction would allow FdR to carry out a capital increase of up to EUR 159 mln.
'The programme of strengthening the financial structure of FdR is continuing and we are taking the opportunities presented to us to achieve this', said Chief Executive Christophe Kullmann. 'At the end, the goal of achieving a Loan To Value close to 50% one year from now appears perfectly achievable.'