WOOD Flash – Immofinanz: Ronny Pecik takes over
Immofinanz has announced that the board has nominated Ronny Pecik as the new CEO, following the termination of Mr. Schumy’s contract in March this year. Mr. Pecik is a key shareholder in both Immofinanz and S Immo. His nomination as CEO seals his takeover of the company, in our view. We believe the appointment is a testament to the outsized influence small shareholders (Mr. Fries, and now Mr. Pecik) have wielded over Immofinanz historically, benefitting from the dispersed shareholder base. Given his stake in Immofinanz, we would expect Mr. Pecik to strive to boost the share price. Furthermore, we believe that Mr. Pecik’s nomination may increase the likelihood that the merger with S Immo will go through. This could be value accretive. That said, from the perspective of the minority investors, we believe the risk related to the merger ratio outweighs the prospective benefits stemming from lower overhead costs. The compensation that Immofinanz offers to its executive management is competitive. As such, if the supervisory board saw fit to replace Mr. Schumy, we believe that a candidate with senior executive experience at some of the largest European real estate companies would have been preferable, from the perspective of the minority investors. We are not sure the supervisory board considered any other candidates for the role, aside from Mr. Pecik.Immofinanz AG is an Austria-based real estate company that invests in commercial properties. The Company's core activities are the management and development of retail and office properties in selected Central and Eastern European countries. The Company focuses its operations on such markets as Austria, Germany, the Czech Republic, Slovakia, Hungary, Slovenia, Romania and Poland. The Company manages a portfolio of approximately 240 properties, covering rentable space of approximately 1.8 million square meters. In the office sector, the Company concentrates on the capital cities of the core countries and the major office locations in Germany with its international myhive brand. The Company's activities in the retail sector are based on the brands STOP SHOP for retail parks and VIVO! for shopping centers which are designed for secondary and tertiary cities of Central and Eastern Europe.
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