MUNICH (Dow Jones) – Shareholders of the Stock Exchange newbie Cable Germany have to wait for their first profit-sharing for some time. "We will pay in the first two years no dividend, but after that, from today’s perspective, a dividend plan," said the chairman of the cable television – and telecom provider, Adrian von Hammerstein, after the initial public launch on Monday Dow Jones Newswires. (Photo: ddp)
With the launch of the Cable Shares Germany showed their satisfaction Hammerstein. "Despite the falling Dow clearly we have remained above the issue price," Hammerstein said. The cable-Germany-stock had started the morning with a premium of EUR 0.50 in trading. By early afternoon the paper was quoted at EUR 22.25 and thus still in positive territory.
Hammerstein, Germany wants to drive the cable consolidation among the German cable-TV providers. The network of competitor Tele Columbus, he sees it as "interesting topic". In the medium term, it could also lead to a regional consolidation. Kabel BW’s competitors had recently been open to mergers with competitors. Give it an "industrial logic of mergers and changes in the market," it said in Baden-Wuerttemberg.
However’m a merger with regional competitors in the medium term into consideration, Hammerstein said. Currently, there are more antitrust hurdles, but the medium could also be here "to change the view on the market."
The manager currently sees no need for a capital increase of his business. "We have a strong cash flow with which we can grow under its own power and reduce our debt," he said. KDG’s own shares will also hold Hammerstein on one-year self-imposed lock-out.
In the IPO of 34.5 million cable Germany shares were placed to a total volume of EUR 760 million, it came exclusively from the holdings of existing shareholders. The company from Unterföhring flowing with it any fresh capital.
Website: www.kabeldeutschland.com
-By Matthias Karpstein, Dow Jones Newswires;
+49 (0) 89 – 5521 4030, matthias.karpstein @ dowjones.com
DJG / mak / rio / ISJ
