EANS-Adhoc: Vivacon AG executes an increase in capital through contributions in kind and reaches composition settlements with significant principal creditors

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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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27.04.2010

Cologne, April 27th 2010. Vivacon AG (ISIN 000604 8911) has reached
composition settlements with significant principal creditors, which
will make sustained financing and liquidity planning for future
business operations possible. In future Vivacon AG will once again be
focussing its business operations entirely on its core competence in
the hereditary building right segment. In addition to the investments
in leasehold land and the sale of real estate on the basis of
hereditary building right, henceforth the operations will also
include various services in the context of the management,
administration and financing, of real estate and leasehold land for
third parties.

With the conclusion of the settlement negotiations, the cost
reductions already made including marked savings in personnel and the
sale of development projects, the interest in Curanis Holding GmbH as
well as various property portfolios over the last few months,
significant measures have been taken to safeguard the liquidity and
to recapitalise the entire business group.

The settlements are based on a recapitalisation expertise audited in
accordance with Standard No. 6 of the German Independent Auditors
Institute (IDW S6) and issued with a positive continuation
prediction. An integral component of the continuing restructuring
efforts and the basis of all settlements reached with the principal
creditor banks is an increase in the share capital which has been
executed through the transformation of a partial amount of a
convertible bond into net assets in the context of a debt for equity
swap. For this purpose Vivacon AG has passed a resolution to increase
capital through contributions in kind with partial utilisation of the
Authorized Capital under exclusion of shareholders´ subscription
rights and admitted Saxon S.à.r.l., Luxembourg for subscription.
Saxon S.à.r.l. has contributed a partial receivable in the nominal
aggregate amount of EUR 18.6 m from the termination of the
convertible bond issued on 28 April 2008 in the total aggregate
amount of EUR 24 m. (ISIN DE 000A0 SFX67) which was purchased from
Credit Suisse Securities (Europe) Limited and contributed to Vivacon
AG. After registration of the capital increase through contributions
in kind Vivacon AG´s share capital amounts to EUR 25,985,216.00.
Therefore Saxon S.à.r.l. has a stake of around 23.48% in the share
capital of Vivacon AG.

In the wake of the recapitalisation the insolvency applications for
the property subsidiaries in Salzgitter and Kassel have also been
withdrawn in the meantime. The stocks are, however, still under the
institutional management of the financing bank. The company will
report in detail to its shareholders on the recapitalisation and the
future goals of business operations in the hereditary building right
segment at the extraordinary general meeting due to be held on May
21, 2010.

end of announcement euro adhoc
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ots Originaltext: Vivacon AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Investor Relations

Telefon: +49 (0)221 1305621-0

E-Mail: ir@vivacon.de

Branche: Real Estate
ISIN: DE0006048911
WKN: 604891
Index: CDAX
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