World News: 17:07 GMT Friday 29th June 2018. [EQS Group via SPi World News]
CECONOMY AG / Key word(s): Corporate Action
The management board of CECONOMY AG (CECONOMY) has resolved, with the approval of its supervisory board, to execute a capital increase from authorized capital against cash contribution with exclusion of the existing CECONOMY shareholders' subscription rights. freenet AG has contractually agreed with CECONOMY on 29 June 2018 to invest an aggregate amount of EUR 277,385,217.50 and to subscribe for 32,633,555 new ordinary bearer shares with no par value in CECONOMY (the 'New Shares') for an issue price per share of EUR 8.50. This corresponds to a premium of approx. 18 per cent on the XETRA closing price of CECONOMY's ordinary shares (ISIN DE0007257503) on 28 June 2018.
The implementation of the capital increase is subject to customary conditions. Upon registration of the capital increase with the commercial register, the share capital of CECONOMY will be increased from EUR 835,419,052.27 to EUR 918,845,410.90. Following completion of the capital increase, freenet AG's stake in CECONOMY will amount to approx. 9 per cent of the share capital.
CECONOMY will use the proceeds from the capital increase in the amount of approx. EUR 277 million to strengthen its balance sheet as well as to increase its financial strength for the further implementation of its strategic agenda.
Person making the notification: Sebastian Kauffmann, Vice President Investor Relations, CECONOMY AG
This announcement may contain forward-looking statements that are based upon current views and assumptions of the CECONOMY AG management, which were made to its best knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which could cause the earnings position, profitability, performance or the results of CECONOMY AG to differ materially from the earnings position, profitability, performance or the results expressly or implicitly assumed or described in these forward-looking statements. In consideration of these risks, uncertainties and other factors, persons receiving these documents are advised not to rely on these forward-looking statements. CECONOMY AG does not assume any liability or guarantee for such forward-looking statements and will not adjust them to any future results and developments.
|Benrather Straße 18-20|
|Phone:||+49 (0)211 5408-7223|
|Fax:||+49 (0)211 5408-7005|
|ISIN:||DE0007257503, DE0007257537, Weitere: www.ceconomy.de/de/investor-relations/|
|WKN:||725750, 725753, Weitere: www.ceconomy.de/de/investor-relations/|
|Listed:||Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|End of Announcement||DGAP News Service|
Read More: http://www.dgap.de/dgap/News/?eqsNewsID=1706051
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.