Capital News

Deutsche Bank has concluded its third capital increase since 2010. The shareholders of Germany’s largest bank took part in putting together a capital sum of no less than 8.5 thousand million Euros. The deadline for deciding whether or not to proceed was June 25. 99.1% of option rights have been used up and the remaining shares were sold on the market. In the course of an advance placement Hamad bin Jassim Bin Jaber al-Thani subscribed to 1.75  thousand million Euros worth of shares at 29.20 Euros each; Jürgen Fitschen and Ancshu Jain also fully subscribed. The bank intends this fresh money to dispel any remaining doubts concerning its reserves should a new crisis arise, and also to shield itself against multi-million dollar sanctions that could be imposed in the United States.

Volkswagen: Increase in capital shelved

The percentage attendance (73,5%) of shares and thus of votes at the last shareholders’ meeting called for 12/13 May 2014, also to vote For or Against a a proposed increase in capital, was surprisingly high.  The board of directors opened the meeting by announcing that since the legal requirements for purchasing Scania had been met, the vote on the increase in capital would be struck from the Agenda of that meeting and from that of the so-called Separate Meeting reserved for holders of privileged shares. In other words no vote but instead a series of “unfulfilled” recommendations. While VIP eV (http://hmb.ag/playvideo/videoplayer.php?video_id=1) commented that “based on the recommendations already tabled for the privileged shares, management had guessed that they would not have won a legal majority” (see the original German text hereunder <click here>), the board of directors announced that after holding talks, they had “arrived at the conclusion  that the right to subscribe to new shares is of particular importance to many holders of priority shares”. In all likelihood, the custody chain told the shareholders registered in attendance what the outcome of the meeting was. They are probably now waiting for the result because “we want to see if there are any alternatives more suited to these interests” (reply of FO Pötsch to questionn put by VIP.

More info: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cewe: insiders stock up

The SDax-listed supplier of photo lab and printing services is in the limelight as having been massively bought over by insiders. At the beginning of June, the four boardroom members bought up more than 220,000 Euros worth of their own shares. Despite a first quarter fall in turnover from the previous year, losses seem to have been reined in. CeWe Color’s sales are traditionally weaker in the first quarter. After the bumper turnover of 529 million Euros in 2013, the company has set itself the target for 2014 of between 528 and 540 million Euros. EBIT should settle at about 30 to 36 million Euros compared to last year’s 29.4 million. The board of directors announced an increase in future dividends from the current 1.50 Euros.

Borussia Dormund: astute dribbling

Borussia Dortmund has given ample proof in recent years that not only is it number two on the field in Germany but it also has an enviable reputation in Europe. Now, the 2013 Champions’ League finalists are set to show their mettle on the stock exchange. The club’s stock will be quoted from June 23 in the SDax, selective index league together with the 50 most important small and mid caps in Germany. The shareholders will be happy because since then the stock has taken off and is approaching the 5 Euro mark, a result unheard of in the last ten years. There is still a long way to go, though, to reach the initial 11 Euros  - the launch price at flotation in 2000.

Vedes: child’s play bonds

Vedes, the consortium of toy retailers has placed a company bond for 20 million Euros, a type of title that has come under fire recently. The Vedes type of bond seems like a child’s game. On the first day, the bond was oversubscribed and the books were closed early. The revenue of the issue, net of the amounts necessary to pay back old debts, was 7.2 million Euros. The company has announced its intention to use the money for “general company purposes”. With a five-year duration and a coupon of 7.125 percent, the bond is traded as an Entry Standard company bond on the Frankfurt bond market