On 26 March 2013, the Board of Directors of Schindler Holding Ltd. decided to issue a listed bond which is exchangeable into its shares of ALSO Holding AG.
Schindler intends to issue the Exchangeable Bond within the next months, depending on the development of ALSO and the general economic environment. In case the bonds are exchanged, it enables Schindler Holding Ltd. to entirely reduce its holding in ALSO Holding AG in the medium term. In addition, as announced earlier, it will also substantially increase the free float in ALSO shares.
Schindler further announced that on 22 March 2013, the two main shareholders of ALSO Holding AG, Special Distribution Holding GmbH, a subsidiary of Droege International Group AG and Schindler Holding Ltd. entered into a shareholders' agreement which defines, inter alia, the representation of the parties on the board of directors of ALSO.