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The sole responsibility for the content and the conclusions of the mentioned analyst studies or recommendations respectively rests with the named investment banks.
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Any opinions, estimates or forecasts made by these analysts on the performance of Ströer Media are not opinions, forecasts or predictions of Ströer SE & Co. KGaA or its management. By providing the list above, Ströer SE & Co. KGaA does not imply its endorsement of or concurrence with such information, conclusions or recommendations.
The list contains the sell-side analysts who cover Ströer Media. The list has been drawn up to the best of our knowledge. Ströer SE & Co. KGaA cannot give any assurance that the list represents a full overview of all analyst reports available on the market. This list may not be complete and may change from time to time. We update the list periodically, but undertake no obligation to do so.
Copies of reports by any of the listed analysts must be obtained directly from the analysts or their firms. Ströer SE & Co. KGaA does not distribute such reports.
Bearer shares without par value (proportional share in the capital stock of € 1.00 per share)
July 15, 2010
ISIN (International Securities Identification Number)
Security Code Number
Ticker symbol Reuters
Ticker symbol Bloomberg
Hauck Aufhäuser Lampe Privatbank AG
JP Morgan Chase & Co.
* Includes shares attributable to Dirk Ströer in accordance with WpHG. ** Free float, thereof
Credit Suisse 1, 2, 3
DWS Investment GmbH1
1 according to notifications of voting rights pursuant to sec. 40 para. 1 WpHG 2 according to notifications of voting rights pursuant to sec. 25 para. 1 WpHG 3 according to notifications of voting rights pursuant to sec. 25a para. 1 WpHG
The entire out-of-home market faces exciting changes. Being one of the leading out-of-home advertisers in Europe, Ströer plans to proactively drive this process. With the biggest market share in Germany in terms of revenues and with strong positions in the high growth markets of Turkey and Poland, Ströer is ideally prepared in this respect. The IPO will enable Ströer to continue and expedite its successful growth story.
Part of the proceeds generated by the IPO is to be used for the realization of strategic investments. This includes the increase of the stake in the Turkish joint venture Ströer Kentvizyon from 50 to 90 percent and the acquisition of the Polish out-of-home advertising company News Outdoor Poland. A further share of net proceeds is planned to be used for investments in organic growth of Ströer and for concrete product innovations in the field of digital outdoor advertising. In addition, the company intends to use the proceeds generated to reduce its net debt level, to optimize the capital structure and increase financial flexibility.
The offer price has been fixed at €20.00 per share. The Selling Shareholder and the Company expect to determine the offer price together with the Joint Bookrunners, on the basis of a bookbuilding process, on July 13, 2010. The offer price will be published by means of an ad-hoc release and will be published by means of electronic media, such as Reuters or Bloomberg, and on the company’s website (www.stroeer.com). Investors, who placed their purchase offer with one of the underwriting banks, can ask their bank for the offer price and the number of allotted shares the earliest on the bank working day following the price setting. Other investors will receive this information from the bank they placed their purchase offer with.
J.P. Morgan and Morgan Stanley will be acting as joint bookrunners. The underwriters include Commerzbank, Crédit Agricole and WestLB as co-lead managers. Prospective investors can submit their purchase bids at the branch offices of these banking institutions as of July 5, 2010. Generally, it is also possible to subscribe to shares via a bank that is not represented by the underwriters.
The shareholders of Ströer, Udo Müller (co-founder and Chief Executive Officer) and Dirk Ströer (member of the supervisory board and son of second co-founder, Heinz Ströer), have not sold any shares in the IPO. Both shareholders, together with Chief Financial Officer Alfried Bührdel, have subscribed in the offering to approximately € 5 million in shares at the issue price. Following the IPO, Udo Müller and Dirk Ströer will hold the majority in the company. The free float after the IPO, upon full placement of all offered shares at the midpoint of the price range including the Greenshoe option, will amount to around 45 percent.
Ströer Media is a stock corporation under German law. The bearer shares that are the subject of this offering have no par value and a notional value of €1.00 each. They are expected to be admitted for trading in the regulated market segment (regulierter Markt) of the Frankfurt Stock Exchange and, simultaneously, in the sub-segment thereof with additional post-admission obligations (Prime Standard).
The Prime Standard is a share-trading segment on the Frankfurt Stock Exchange. Companies listed in this segment meet transparency requirements that go beyond those applying to all market-listed companies. Among others the following will be mandatory for Ströer:
Preparation of quarterly reports
Publication of a company calendar
ad-hoc announcements in German and English
Publication of balance sheets based on international accounting standards
regular analyst meetings
The Prime Standard generally lists companies that wish to reach foreign investors in addition to German ones.
The Prospectus contains all the key information, e.g. on the shares offered, the issuer (Ströer SE), the corporate structure, business activity and financial information. The prospectus can be downloaded from this website. A printed copy can be obtained free of charge during regular business hours from the company. Please contact our investor relations team at Ströer SE, Ströer Allee 1, 50999 Cologne, Phone: +49-(0)2236-9645-127, Fax: +49-(0)2236-9645-2356, firstname.lastname@example.org.
The Prospectus contains all the key information, e.g. on the shares offered, the issuer (Ströer SE & Co. KGaA), the corporate structure, business activity and financial information. The prospectus can be downloaded from this website. A printed copy can be obtained free of charge during regular business hours from the company. Please contact our investor relations team at: