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VIPsight

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

 

KUKA succeeded in collecting some 87.9 million Euros from institutional investors by issuing new shares to fund its takeover of Swisslog. In a press communiqué, the manufacturer of robots and plant announced the success of the capital-raising initiative first mentioned on November 5, fixing the number of shares at 1,702,884 units at 49 Euros each, corresponding to a loss of two percent. The cost of the entire transaction was some 280 million Euros.

Bearing in mind that the increase in capital was obtained as planned excluding rights of option, the company is not yet able to confirm whether the two major shareholders Grenzebach (19.8 percent) and Friedhelm Loh (10 percent) went with the flow so as not to dilute their holding.

 

Schaltbau: Moving forward by buying back

Traffic technology specialist Schaltbau AG, is moving to buy back 307,609 of its own shares – some 5 percent of its total share capital. Pursuant to a decision approved in the shareholders’ general meeting in 2010, company shares can be offered as payment for partial or outright company purchase. According to one specialist online journal, the SDax listed company is set to expand abroad with an eye on potential in China and certain Arab countries in particular.

It ought to be borne in mind, however, that the group was obliged to lower its profit target for 2014 from 31 to 26.8 million Euros as the result of negative spin in the allocation of the price of a purchase that took place this year. Management is steadfast in forecasting a turnover of 425 million Euros.

 

Hella: Unequivocally listed

Hella KG A. Hueck & Co, the supplier of material for the automobile industry gained Prime Standard listing on the Frankfurt Bourse in mid November. Ahead of the official announcement, the company had already placed some 11 million shares at 25 Euros each, deriving from an increase in capital. Another 5.75 million shares from the family partnership fund were issued in a second private placement at 26.5 Euros per share. Overall, Hella has issued 111 million shares. According to the Handelsblatt daily, the company revenue amounted to 278 million Euros of which 152 million went to the sixty or so family shareholders.

 

Mag Force: New horizons

In a recent capital increase, Mag Force AG, the medical technology specialist placed 1.7 million new shares at 6 Euros each, generating a revenue over 10 million Euros. Existing shareholders’ option rights were excluded. The new shares of the Entry Standard listed company amount to 7% of the share capital more or less; the revenue is earmarked for use in Mag Force’s own special area of oncology, Nanotherm Therapy, in markets including some outside the USA.

The therapy consists of introducing magnetized nanoparticles into a solid tumour and then heating them by rapidly alternating their polarity. According to the temperature reached they kill the tumour cells or render them vulnerable to further treatment. At present, Europe only allows the therapy to be used in the treatment of brain tumours. According to the Börse Online journal, the company is focusing its efforts to securing authorization to treat prostate cancer which has a fatality rate in the US higher than that of brain cancer.