WERDOHL (dpa-AFX) - German transport services firm Vossloh AG (VOSSF.PK) said that its management board with approval of the supervisory board resolved on a share capital increase against contribution in cash with subscription rights to existing shareholders of the company.
Through exercise of the existing authorized capital, the company's share capital will be increased from EUR 37,825,168.86 by EUR7,499,998.61 to EUR 45,325,167.47 against cash contributions by issuing 2,642,147 ordinary bearer shares with no-par value, each representing a notional value of about EUR 2.84 in the company's share capital or the 'New Shares'. The New Shares will carry full dividend rights as of 1 January 2016.
The New shares will be offered to existing shareholders by way of indirect subscription at a subscription ratio of 5:1 and at a subscription price of EUR48.00 per New Share. Five existing shares thus entitle shareholders to subscribe for one New Share.
The company was given a firm commitment from its major shareholder Heinz Hermann Thiele, who is also chairman of the supervisory board of the company, to participate in the capital increase of Vossloh Aktiengesellschaft according to his shareholding (40.79%) and to exercise all the subscription rights he is entitled to. The Company expects to receive gross proceeds from the capital increase of approximately 126.8 million euros. The net proceeds provide Vossloh with additional financial stability and flexibility to promote the intended profitable growth of the company.
The subscription period during which the Company's shareholders may exercise their subscription rights is expected to begin on 31 May 2016 and is expected to end on 14 June 2016. The Company's existing shares are expected to be quoted as ex-subscription rights as of 31 May 2016. The registration of the capital increase in the commercial register of the local court (Amtsgericht) of Iserlohn is expected to occur on or around 15 June 2016.
The subscription rights for the New Shares are expected to be traded in XETRA and in Specialist trading on the regulated market of the Frankfurt Stock Exchange during the period from 31 May 2016 up to and including 10 June 2016. No consideration will be given for any subscription rights not exercised.
The admission of the New Shares to the regulated market segment of the Frankfurt Stock Exchange, and sub-segment thereof with additional post-admission obligations (Prime Standard), and to the regulated market segment of the D'sseldorf Stock Exchange is expected to occur on or around 15 June 2016. Commencement of trading is expected to occur on or around 16 June 2016. It is intended that the New Shares will be included in the existing listing quotations of the company's shares. Settlement of the subscribed shares and the private placement shares, if any, is planned to occur on 17 June 2016.
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