Following intensive talks, the management board of PNE AG with the approval of the supervisory board signed an investment agreement with Photon Management GmbH on October 10, 2019. On the same day, Photon Management GmbH announced its intention to make a public takeover offer for PNE AG at a price of EUR 4,00 per share in cash. Pursuant to the provisions of the WpÜG, the offer document will be released at a later time by Photon, following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin). 

Further information on the intended voluntary public takeover offer by Photon Management GmbH are available on a designated website which has been established by the bidder company, Photon Management GmbH, at https://www.photon-offer.com. The offer document will be provided on this website once it has been made public. Photon Management GmbH is solely responsible for the presentation, updating and contents of this deal website. PNE AG does not accept any liability for information onto this deal website and the therein embedded contents.
 
Please take also notice on information provided with the ad-hoc publication and press release from October 10, 2019.

• Supplementary Joint Reasoned Statement
• Joint Reasoned Statement regarding the Takeover Offer
• PDF of press release
• PDF of ad-hoc release

The management's explicit intention is to have shareholders participate in successful corporate developments. The payment of dividends is of course invariably dependent on the concern's growth plans and the associated liquidity requirements.

• Morgan Stanley Infrastructure Inc. / Photon Management GmbH holds 39.80%
• The Active Ownership Fund SCS holds 8.66%
• Samson Rock Capital holds 5.14%
• The Goldman Sachs Group, Inc. holds 5.10%
• The Dimensional Holdings Inc. holds 3.37%
• All other shares are in free float

Figures in the diagram may contain rounding values / *according to published notifications: March 18, 2020