DHL 2004 Annual Report Download - page 21

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Shareholder structure
Deutsche Post Stock and Bonds
More shares in free float
At the time of our IPO in November 2000, we were obliged by law to guarantee that the
Federal Republic of Germany would remain the main shareholder in Deutsche Post. For
this reason, only 50% minus 26 shares were admitted to free trading at the time. The legal
requirements have now changed to allow further privatization measures to be introduced:
On October 22, 2004, the Frankfurt Stock Exchange admitted the remaining
556,400,026 Deutsche Post AG shares to trading on all German stock markets.
On November 29, 2004, KfW Bankengruppe (KfW) sold an additional tranche of
72.8 million Deutsche Post shares (including greenshoe ) from its holdings to insti-
tutional investors. We welcome this further privatization measure.
On January 10, 2005, the Federal Republic of Germany transferred 141.7 million of
its shares to KfW.
The interest held directly by the Federal Republic of Germany thus fell to 7%. This will
enable us to extend our investor base, achieve a stronger weighting in the relevant stock
market indices, and increase the liquidity of our shares. The current shareholder structure
is shown in the left-hand diagram below. KfW also issued two exchangeable bonds on
Deutsche Post stock (one on January 8, 2004, with an exchange period of three years and
one on January 31, 2005, with an exchange period of five years), whose exchange volumes
are each around 5%. If all investors exchange both outstanding exchangeable bonds into
Deutsche Post stock, the free float will rise to 54% (as shown in the diagram on the right,
below).
Annual General Meeting renews global authorization
The 2004 Annual General Meeting adopted the following resolutions in particular:
The compensation of the members of the Supervisory Board was adjusted; the
Articles of Association were amended accordingly.
The Board of Management was authorized to issue convertible bonds and / or bonds
with warrants, to disapply pre-emptive rights and create contingent capital at the
same time.
The global authorization allowing the Board of Management to buy back own shares
was renewed. To date, we have not exercised this option to buy back our own shares.
The complete agenda, the voting results and the speech by the Chairman of the Board of
Management can be downloaded from our website.
Greenshoe (also termed an
“overallotment option”):
to cover the event that
demand for shares exceeds
the planned issue volume,
the share issuer and
the underwriting syndicate
agree in advance that over-
allotment options can be
issued to the underwriters
at the issue price.
December 31, 2004 January 10, 2005
KfW
Bankengruppe
Federal Republic
of Germany
Free float
7%
20%
49% 36% 44%
44%
On conversion of the
January 2004 bond
KfW
Bankengruppe
Federal Republic
of Germany
Free float
7%
7%
39% 44% 54%
49%
On conversion of the
January 2005 bond
Shareholder structure following the exercise
of all exchangeable bonds
To our Shareholders
17
To our ShareholdersThe CompanyGroup Management ReportConsolidated Financial StatementsAdditional Information