In March 2016, the Austrian Takeover Commission
("Commission") initiated a formal
investigation pursuant to section 33 para 1 sub-para 2 of the
Austrian Takeover Act ("ATA") regarding
whether several investing parties qualify as "parties acting
in concert" pursuant to section 1 para 6 of the ATA. The
Commission had reason to believe that a small group of shareholders
of conwert Immobilien Invest SE
("conwert") collectively may have held a
controlling stake in Conwert in 2015. If true, these controlling
parties would have been legally obligated to make a mandatory
tender offer to the remaining shareholders in 2015, immediately
after becoming such controlling parties. In addition, if this group
did hold a controlling stake at that time, then they failed to
properly report and disclose appropriate financial and ownership
information. Due to these reasons, the Commission initiated a
formal investigation into this issue earlier this year on its own
motion.
