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Share
The initial public offering of Premiere AG on
9 March 2005 was a great success. During the
bookbuilding phase that lasted from 23 February
to 8 March 2005, investors subscribed for
525 million shares in the overall value of EUR
14.5 billion. The issue was more than 12.3 times
oversubscribed. At EUR 28.00, the issuing price
for Premiere stock was at the upper end of the
pricing range. 42.1 million stocks were placed.
24.6 million stocks plus a green shoe of
5.5 million came from the existing shareholders,
12 million stocks from a capital increase. The
issue volume was EUR 1.179 billion. Premiere
AG's initial public offering was the largest new
issue by a German media company to date. After
the initial public offering and capital increase,
Premiere AG has a total stock of 82 million
shares.
In assigning shares, Premiere treated private investors
preferentially. 30 per cent of all offered shares
(12.6 million) were allocated to private investors.
70 per cent of the offered shares went to
institutional investors. 39 per cent of the offered
shares were placed with domestic stockholders,
32 per cent to stockholders in Great Britain, 15
per cent in remaining Europe, and 14 per cent in
the US.
The first trading price for Premiere stock was EUR
30.50, 9 per cent above the issuing price of EUR
28.00. The positive and stable price development
of Premiere's shares resulted primarily from
purchases by institutional investors in the first
days of trading. In a relatively stable market environment,
Premiere's stock developed in line with
the DAX and MDAX, at an overall high level. On 31
March 2005, Premiere closed at a price of EUR
31.95, so that the market price exceeds the
issuing price by 14 per cent.
On the basis of the closing price on 31 March
2005 of EUR 31.95, market capitalization is EUR
2.6 billion, and the free-float market capitalization
is EUR 1.3 billion.
With its high free-float market capitalization and a
high average trading volume, Premiere AG satisfies
important criteria for being admitted into the MDAX
segment.
Shareholder structure
Of the total of 82 million shares, 51.3 per cent are
free float. The remaining shares are held by financial
investors (33.8 %) as well Premiere management
(14.9 %) with 6- and 12-month lock-up
Free float
51.3 %
periods respectively.
Management
14.9 %
Financial Investors
33.8 %
Premiere AG | 1st Quarter 2005
Management Report
Share
13.9 % Dr. Georg Kofler
0.5 % Michael Börnicke
0.5 % Hans Seger
23.7 %
1.5 %
4.3 %
4.3 %
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