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DGAP-Ad-hoc: publity AG / Key word(s): Miscellaneous
publity AG consistently reports in accordance with HGB - share remains on the OTC market
10-May-2021 / 16:10 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.
Publication of inside information pursuant to Article 17 of the Regulation (EU)
THE INFORMATION CONTAINED IN THIS NOTICE IS NOT FOR PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, TO, WITHIN OR FROM THE UNITED STATES OF AMERICA OR ANY OTHER COUNTRY OR COUNTRIES WHERE SUCH PUBLICATION OR DISTRIBUTION WOULD BE CONTRARY TO THE RELEVANT LEGAL PROVISIONS OF THAT COUNTRY.
publity AG consistently reports in accordance with HGB - share remains on the OTC market
- Accounting for 2020 only pursuant to German Commercial Code (HGB)
- Profiling publity AG as a mere real estate services provider
- Subsidiary PREOS Global Office Real Estate and Technology AG continues IFRS accounting
- publity AG decides to remain in the OTC market, plans to switch to the Prime Standard terminated
Frankfurt/Main, 10.05.2021 - publity AG (Scale, ISIN DE0006972508) is narrowing its profile as a mere real estate service provider and will in the future only provide individual financial statements in accordance with the German Commercial Code (HGB). No IFRS consolidated financial statements will be available for the 2020 financial year. The Executive Board is convinced that, given the business model operated by publity, the HGB approach reflects the economic circumstances and the efficiency of publity AG as a real estate service provider without its own portfolio assets much better than the IFRS financial statements. The great expense associated with the preparation of IFRS financial statements does not justify the benefit to shareholders in the opinion of the Executive Board.
After careful examination and consideration, the Executive Board has therefore also decided to remain in the over-the-counter market and terminated plans for a change to the Prime Standard. The Executive Board is convinced that this decision reflects the unchanged stable shareholder structure with strong anchor shareholders and an also anticipated low free float for the future.
The subsidiary PREOS Global Office Real Estate & Technology AG, in its capacity as a real estate portfolio holder, continues to report on the basis of IFRS regulations. Altogether, the independent business models of both companies are thus met with a distinct profile and the foundation for further growth is established.
Information and Explanation of the Issuer to this News:
Information and explanatory notes of the issuer concerning this notification:
'Our business model and structure have turned out to be effective. publity AG is a mere asset manager and real estate service provider with a performance best reflected in HGB accounting. PREOS Global Office Real Estate & Technology AG, our majority shareholding, on the other hand, continues to report on the basis of IFRS standards as a real estate portfolio holder. This reflects the independent business models of both companies with distinctive profiles. We thus inform the capital market in a transparent and cost-efficient manner,' said Frank Schneider, CEO of publity AG.
Press Contact:
Financial Press and Investor Relations:
edicto GmbH
Axel Mühlhaus/ Svenja Liebig
Phone: +49 69 905505-56
Mail: publity@edicto.de
About publity
publity AG ('publity') is an asset manager and investor specialised in office real estate in Germany. The company covers the core of the value chain from the acquisition to the development and the sale of real estate. With over 1,100 transactions in the past seven years, publity is one of the most active players in the real estate market. publity is characterized by a sustainable network in the real estate industry and in the Work-Out departments of financial institutions. With very good access to investment funds, publity handles transactions rapidly with a highly efficient process and proven partners. On a case-by-case basis, publity participates as co-investor in joint venture transactions to a limited extent. The shares of publity AG (ISIN DE0006972508) are traded on the Scale segment of Deutsche Börse.
10-May-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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