SCOUT24 AG (FRA:DE000A12) DGAP-Adhoc: Scout24 AG: Share buyback for distribution of capital to shareholders / change of forecast

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DGAP-Ad-hoc: Scout24 AG / Key word(s): Share Buyback/Change in Forecast
Scout24 AG: Share buyback for distribution of capital to shareholders / change of forecast

25-March-2020 / 21:01 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Scout24 AG: Share buyback for distribution of capital to shareholders / change of forecast

Munich, 25 March 2020 - Against the background of the expected completion of and subject to the sale of AutoScout24 in the near future, the Management Board and the Supervisory Board of Scout24 AG intend to distribute capital to shareholders in the amount of up to approximately 1,690 million Euro by way of share buybacks.

Therefore, the Management Board and the Supervisory Board, have decided today as follows:

Firstly, continuing the share buyback carried out until the end of January 2020 further shares shall be bought back for a consideration with a total volume of up to approximately 690 million Euro via the stock exchange. In this respect the Company makes use of the authorization granted by the 2017 Annual General Meeting. In addition, it will be proposed to the Annual General Meeting scheduled for June 2020 that this authorisation is renewed. A first tranche of up to approximately 490 million Euro shall be launched as early as in April 2020. This share buyback may be conducted over the course of 2020. The remaining volume of up to approximately 200 million Euro is to be bought back in 2021 until the 2021 Annual General Meeting. Further details will be published before the start of the respective share buyback tranche. Scout24 AG reserves the right to terminate the share buyback at any time.

Secondly, in addition, the Management Board and the Supervisory Board resolved to propose to the Annual General Meeting scheduled for June 2020 to decide on a capital decrease by way of buyback and redemption of treasury shares. The volume for the related consideration shall amount to up to approximately 1,000 million Euro and the buyback shall be conducted through a public tender offer. Subject to the approval by the Annual General Meeting, such measure shall be started early in 2021 following the approval of the financial statements for the financial year 2020 providing the required basis for such return of capital to shareholders.

In addition to the planned share buyback distribution, a dividend payment equivalent to an amount of ca. 94.3 million Euro in line with the Company's dividend policy shall be made and resolved accordingly in the Annual General Meeting 2020.

In addition, the Management Board today suspended its previous forecast for the 2020 financial year due to the significant change in the overall environment caused by the corona crisis.

The Company will keep the capital markets informed in an appropriate and necessary manner.

The Management Board

Notifying Person and Investor Relations
Ursula Querette
Head of Investor Relations
Tel.: +49 89 44456 3278

Media Relations
Jan Flaskamp
Vice President Communications & Marketing
Tel.: +49 30 24301 0721

25-March-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: Scout24 AG
Bothestr. 11-15
81675 Munich
Phone: +49 89 44456 - 0
Fax: +49 89 44456 - 3000
ISIN: DE000A12DM80
Indices: MDAX
Listed: Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London
EQS News ID: 1007351

End of Announcement DGAP News Service

1007351  25-March-2020 CET/CEST