DLA Piper has advised PORR AG on the issuance of a scrip dividend. The dividend was implemented in a form allowing shareholders to choose either cash or stock dividends. The settlement was handled by Erste Group Bank AG.
PORR AG is a publicly listed construction company with its headquarters in Vienna. It is the biggest Austrian building contractor in the domestic building industry. The firm provides services in all areas of the construction and civil engineering industries, including those for roads, tunnels and special underground construction projects.
Corporate partner and head of Capital Markets in Austria, Christian Temmel, led the DLA Piper team which included consultant Christian Knauder (Corporate, Vienna).
Christian Temmel said: "Scrip dividends have been an international trend for several years and it's encouraging to see PORR AG pioneering this model in Austria. We are very pleased that we were able to advise the firm on this measure and were able to introduce a new standard in the Austrian capital market."