The media (press , Economic Journal , courier ) report that the prosecution against the head of the Immofinanz identified: In 2009, the Financial Realty had the five members of the Board to grant credit to buy from the company issued convertible bonds (see Annual Report 2009/10, page 225).
By what amount is it here? Four board members were allowed to take each € 1.049 million, while the Immofinanz has 1,044,216,769 shares in circulation, so all € 0.0050229 per share.
Nevertheless, there is a certain excitement. This seems to rest on two questions: firstly whether and if so, when such purchases are subject to notification (I'm interested not so much), on the other hand, whether this type of executive compensation harms the shareholders - especially the credit.
My view this is as follows:
The bond purchase increased the interest in the survival of the company (which is bankrupt and the debts are less or no value) which of course is in the best interests of shareholders, especially in the situation of the real estate finance at the relevant time period where the bond prices themselves were only around 30%. So this is similar to a normal equity incentive program.
What about the risk of the loan? This is secured by a pledge of the bonds - solange die Immofinanz überlebt ist also kein Kreditrisko vorhanden. Sollte andererseits die Immofinanz nicht überleben dann haben die Aktionäre andere Sorgen als 4,2 Millionen Euro zusätzliche Kredite bei rund 12 Milliarden Bilanzsumme.
I ch hier keinen Nachteil für die Aktionäre erkennen. Aber Hauptsache wir können uns aufregen und die Bürokraten können wichtig.
Disclosure: Ich besitze Immofinanzaktien.
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