Hogan Lovells advises Bankhaus Lampe on capital increase of Manz AG
31 May 2016
The new shares were offered to the existing shareholders during the period from 25 April 2016 through 19 May 2016. 1,523,480 of the 2,323,224 new shares were subscribed by Shanghai Electric Germany Holding GmbH, a German subsidiary of Shanghai Electric Group Co., Ltd. (Shanghai/PR China), who is now the new anchor shareholder with a stake of 19.67%. Other investors exercised subscription rights for 799,744 new shares in total. The company's share capital was increased to EUR 7,744,088.
The company's net issue proceeds from the capital increase amount to approx. EUR 75.6 million and shall serve for the repayment of company loans from German lenders, for the covering of cash costs associated with the restructuring of fiscal year 2016, for a possible necessary repayment of a project loan, for the financing of current assets, research and development costs as well as for general corporate purposes of the Manz Group.
In accordance with the contractual arrangements after entering a voting trust agreement with Dieter Manz, and as defined by section 29(1) of German Securities Acquisition and Takeover Act, it is expected as a next step, that Shanghai Electric could take control of Manz AG, since, in addition to the shares acquired, the voting rights pertaining to shares held by Dieter Manz, would also be allocated to Shanghai Electric.
Hogan Lovells-Team for Bankhaus Lampe KG: