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Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

VIPsight is a dynamic photo archive, sorted by nations and dates, by and for those interested in CG from all over the world.

VIPsight offers, every month:
transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

  • written by local CG experts,
  • selected and structured by the Club of Florence,
  • financed by its initiator VIP and other sponsors with a background of “Equity and Advisory” interests.

VIPsight International

Article Index



Capital News


Eight years after the last share split, Fielmann stock is again seemingly facing another fall in price. On August 22, the optician retail chain carried out the share split that had been announced on July 3. For every old share in their possession, shareholders will receive two new ones. When the transaction has been completed, the pro-rata share capital amount will be 1 Euro per share. Share splitting consists in an arithmetic halving of a share’s value in order to seem to lower its price and thus increase its worth. Private investors especially have a mental block when a share costs more than 100 Euros explains Ulrich Brockmann, Head of Investor Relations. A similar exploit of 2006 was successful.


Symrise has concluded the most important acquisition of its history. Firstly they got the backing of the French company Diana workers’ representatives and now the MDax-listed group has received the go-ahead from the antitrust authorities. Earlier, from its headquarters in Holzminden, Symrise had decided on a small increase in capital, the only thing missing to guarantee the funding. The 123.3 million Euros share capital was upped to 129.8 million by issuing 489,274 shares excluding all shareholders option rights. The new shares all go to directors of Kerisper, the Diana group parent company that is being sold to Symrise. In exchange, Kerisper has made a payment in kind in the form of some 2.85 million shares. The transaction was finalised on July 29.



Armacell: chit-chat

Armacell, the specialist in insulation products is hoping to get listed on the stock market before the end of this year or the beginning of 2015. The announcement was made by Reuters, reporting information obtained from two individuals who are familiar with the IPO. Armacell, whose headquarters are in Münster, is said to be a world leader of flexible technological insulating material and synthetic foam for a variety of applications. It counts 2500 staff in 13 countries and last year financial investor Charterhouse Capital Partners bought it from Private Equity Invest Corp for 520 million Euros. Handelsblatt states that Armacell’s 2013 turnover was 510 million Euros and its EBIT 65 million Euros.


NanoRepro: Expansion in developing countries

La NanoRepro AG a company listed in the Entry Standards in the Frankfurt securities market has carried out a share capital increase of 290,000 Euros. The company issued 290,000 shares at 1 Euro each with exclusion of shareholders’ right of option. The company, specialised in quick pregnancy tests and anti-allergy prevention intends to use the revenue to fund large scale business and extend its presence in developing countries. One of the investors taking part is Karma Pharmatech GmbH who intends marketing its diagnostic products in Egypt, too. The NanoRepro range of products is presently at the authorisation stage and is expected to be ready for the market soon.


Hahn Immobilien: in the dolldrums

General Standard-listed Hahn-Immobilien-Beteilgungs AG wants to delist. The board of directors points to a sufficiently consistent quota of equity capital as motivation for delisting as well as the fact, that at less than 10%, the free float of the Hahn share is low enough. The first delisting should take place in Frankfurt then extended to other marketplaces. The Frankfurt securities market has ruled that the delisting will come into force on February 18, 2015.