Peach Property Group AG: General Meeting approves all agenda items, guidance for FY2023 confirmed

[ Report ]

Zürich (pta043/24.05.2023/18:30) - Ad hoc announcement pursuant to Art. 53 LR

* Management bodies granted discharge, Board of Directors re-elected
* Official farewell of departing, long-standing CEO Dr. Thomas Wolfensberger
* Annual report for FY2022 approved
* Capital reduction through nominal value reduction
* Partial amendments of the articles of association of the company in line with the revised new Swiss stock corporation law
* Introduction of a capital band for additional flexibility
* Guidance for 2023 confirmed: increasing net rental income at EUR 121-123 million, FFO I at EUR 21-23 million

The shareholders of Peach Property Group AG, a real estate investor with an investment focus on residential real estate in Germany, approved all of the agenda items at today's Ordinary General Meeting with a clear majority. A total of approximately 44 percent of the share capital, respectively 72 percent of the registered voting rights were represented at this year's General Meeting in Zurich. After an interruption of three years, the General Meeting was able to take place again with shareholders attending in person.

Among others, the General Meeting resolved not to pay a dividend for the financial year 2022 and to carry forward in full the balance sheet result for 2022 of the individual financial statement of CHF -32'524'440.

In addition, with 99.7 percent of the votes cast the shareholders approved the reduction of the share capital from CHF 620'174'850.00 to CHF 20'672'495.00 through the reduction of the nominal value of all issued shares from CHF 30.00 to CHF 1.00 and the record of the reduction amount into the legal capital reserves. The total equity base remains unchanged, as well as the number of the currently issued shares. The nominal value reduction down to one franc creates the necessary flexibility for capital market instruments, such as in particular the convertible bond (SWX: PEA234, ISIN: CH1263282522) successfully issued in May 2023, as well as for potential future capital measures.

Partial amendment of the articles of association and introduction of a capital band

In connection with the revised new stock corporation law, which has been in force since January 1, 2023, the General Meeting approved various amendments to the articles of association of the company in order to align them with the latest legal requirements. Furthermore, the shareholders resolved with 89.5 percent of the votes cast to cancel the previously authorized capital and to introduce a capital band with an upper limit of approximately 140 percent and a lower limit of approximately 95 percent of the share capital currently registered in the Commercial Register. Apart from that, the provisions for the capital band will not be significantly changed compared to the previously authorized capital.

Board of Directors re-elected

In addition, the General Meeting approved the compensation of the Board of Directors and the Executive Committee and granted discharge to all members of both bodies. The President of the Board of Directors Reto Garzetti alongside the other Board Members Peter Bodmer, Dr Christian De Prati, Kurt Hardt, and Klaus Schmitz were re-elected for a further tenure of one year.

Official farewell of Dr. Thomas Wolfensberger

The General Meeting also bid farewell to Dr. Thomas Wolfensberger, who is stepping down from the role of CEO after 16 years of service. He will remain associated with the company in the future as a consultant and significant shareholder. The Board of Directors thanked the outgoing CEO for his many years of commitment and great services.The President of the Board of Directors, Reto Garzetti, will also assume the operational management responsibilities and the chairmanship of the Executive Management as Executive Chairman.

Guidance for 2023 confirmed

Despite the current volatile market environment, Peach Property Group confirms the guidance for the 2023 financial year based on the business development in the current financial year. The Group expects net rental income to continue to increase to between EUR 121 million and EUR 123 million and it expects to achieve a FFO I of between EUR 21 million and EUR 23 million. Efforts to achieve additional efficiency gains and cost reductions will also continue in the current financial year 2023.

The detailed voting results and minutes of the General Meeting will be available soon on the Peach Property Group website: https://www.peachproperty.com/en/investor-relations-en/ # corporategovernance

Contact:

Media, investors, and analysts

Reto Garzetti, President of the Board of Directors and Executive Chairman, Thorsten Arsan, Chief Financial Officer, and Stefan Feller, Head of Investor Relations
+41 44 485 50 18 | investors@peachproperty.com

Media Germany

Edelman Smithfield, Ruediger O. Assion
+49 (0) 221 8282 8111 | mobile: +49 (0) 162 4909624 | ruediger.assion@edelmansmithfield.com

About Peach Property Group AG

Peach Property Group is a real estate investor with an investment focus on residential real estate in Germany. The Group stands for many years of experience, competence, and quality. Innovative solutions that cater to tenants' needs, strong partnerships, and a broad value chain round off the profile while digitalization and sustainability underpin the operational activities. The portfolio consists of high-yield properties, typically in German Tier II cities in the commuter belt of metropolitan areas. The activities, therefore, span the entire value chain, from location evaluation and acquisition to active asset management and the letting or sale of properties.

In addition, the Group develops selected properties in Switzerland to be sold as condominiums, of which the "Peninsula Wädenswil" development project is the final such development project.

Peach Property Group AG has its registered office in Zurich and the Group is headquartered in Cologne. Peach Property Group AG is listed on SIX Swiss Exchange (PEAN, ISIN CH0118530366). Its Board of Directors consists of Reto Garzetti (President), Peter Bodmer,
Dr. Christian De Prati, Kurt Hardt and Klaus Schmitz.

More information at https://peachproperty.com/en/

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