G. (“Scout24” or “the firm”), today put out a letter explaining their views into extreme worth-design potential during the Scout24

We appreciate you finding the time in order to satisfy with our team more than during the last several weeks

London & FRANKFURT, Germany–( Company Cord )–Elliott Advisers (UK) Limited (“Elliott”), which recommends finance one collectively keep a long financial attention symbolizing more than eight% of the display capital from Scout24 An effective.

Elliott believes there are concrete and you can wise procedures that the Government and Supervisory Boards of Scout24 would be taking that’ll drive new share cost of Scout24 in order to more ˆ65 for each and every display. A very ambitious buyback plan, having influence levels nearer to those people recommended of the Chatrooms merely a few months ago, also an extensive strategic feedback concerned about finding an effective complete separation of AutoScout24 business manage would important worthy of for all of the stakeholders.

We are writing for you on behalf of finance told from the Elliott Advisers (UK) Limited (“Elliott” or “we”), and that with each other hold an economic interest representing over seven% of share money out of Scout24 AG (“Scout24” or the “Company”). Among Scout24’s premier buyers, i remain committed to positive engagement and discover talk. The audience is optimistic that our lingering telecommunications normally result in significant and you may tangible improvements in making worthy of for everyone stakeholders.

As a way to keep our positive conversation and you can encourage greater ambition, we would like to share with you in increased detail our perspectives towards following the topics:

1. The value Prospective. All of our viewpoints on the significant value contained in this one another ImmobilienScout24 (“IS24”) and you can AutoScout24 (“AS24”), a few on their own solid people;
2. The latest Missed Opportunities. Our concerns with Scout24’s latest missteps – for instance the ill-advised testimonial to help you shareholders which they sell their Scout24 holdings from the a cost certainly better less than the genuine prospective as well as history week’s shock announcement one lacked quality and you may aspiration; and you may
3. The path Send. All of our advice concerning your strategic procedures necessary to discover an entire possible out-of Scout24.

We think you will find a growing consult certainly and endless choice from stakeholders getting Scout24’s management to exhibit a number of urgency that has so far become without. Hopefully our views will help describe what is actually you’ll need for Scout24 so you can win back dependability having its investors. I are still dedicated to working collaboratively in the finding a victory-victory result.

Elliott appears toward proceeded to interact on Chatrooms regarding Scout24 to aid deliver this consequences

While we detailed for your requirements throughout our conferences, Elliott’s solid check is that, eventually, IS24 and you will AS24 are a couple of outstanding companies. With invested extreme some time and info comparing and you may following the Scout24 over the years, i’ve started to appreciate the firms that the Scout24 group possess shepherded out-of fledgling start-ups in 1998 so you can high, glamorous people today. We think one Scout24 enjoys attained that it achievements thanks to work and you can innovation on the every fronts: tech, branding, enterprize model evolution, and you may buyer solution. The quality of these businesses, coupled with the brand new dislocation between their real value and also the well worth that the field urban centers on it now, ‘s we have been investors inside the Scout24.

And all of us away from advisers (and additionally a prominent in the world approach contacting enterprise), we have used over 100 interviews which have realtors and you may car people; has actually commissioned three studies (towards the realtors, real estate people, and vehicles people); and have now verbal to over 29 competitors, skillfully developed, and other markets participants (in addition to almost every other traders into the publically indexed on the web classifieds, numerous strategics that have classifieds companies >ˆ5 mil, and many private collateral sponsors having experience with brand new classified listings business). All of this work has substantiated our very own glance at the real value of Scout24 is during more than ˆ65 for every single display.