Acron: Helvetia III merges with Swiss Premium Assets

Acron Helvetia III holds a six-storey office building as an investment property, which is fully let to the Deutsche Telekom subsidiary T-Systems Switzerland.

The company, which is listed on the BX Swiss, is now to be transferred to Acron Swiss Premium Assets and dissolved with effect from January 1, 2018. The registered shares will be delisted as of June 16, 2018. The last day of trading is June 15.

The merger still has to be approved by the Annual General Meeting on June 15, 2018. This requires the approval of at least 90 percent of the shareholders with voting rights. This should be certain, as Acron Swiss Premium Assets currently already holds 91.25 percent of the share capital and voting rights in Helvetia III Immobilien AG, according to the company. Upon completion of the merger, shareholders will receive CHF 130.00 in cash for each registered share with a par value of CHF 50.06.

Helvetia III's annual result for 2017 amounted to CHF 532,164 in accordance with commercial law (Swiss Code of Obligations) and is back in the profit zone after a loss of CHF 435,271 in the previous year, according to Acron, due to the formation of provisions. Rental income amounted to around CHF 1.55 million, down on the previous year's figure of around CHF 1.60 million. According to Acron, the tenant was granted a rent-free period of three months as part of the lease extension.

Financial expenses for the 2017 financial year amounted to CHF 145,888 and were therefore slightly lower than in the previous year (CHF 146,238). The main component is the interest expense for the mortgage loan to finance the property, which amounted to CHF 142,434 in 2017. The company's loan balance amounted to CHF 15.41 million as at December 31, 2017.