(Ad-hoc) Dürr successfully places capital increase equivalent to just under 10% of capital stock
06/17/2008 - Dürr AG - WKN 556520 / ISIN DE0005565204
Stuttgart, June 17, 2008 - Today the Board of Management of Dürr AG resolved to carry out a capital increase for cash excluding shareholders´ subscription rights. On the strength of an authorization passed by the Annual Shareholders’ Meeting in 2006 1,572,500 bearer ordinary shares (just under 10% of the capital stock) were placed mainly with institutional investors in an accelerated bookbuilding process. With a placing price of € 28.00 the proceeds (before transaction fees) for Dürr AG amount to € 44.0 million. The capital stock has increased from € 40,263,731 to € 44,289,331. The Supervisory Board's approval of the capital increase is currently being obtained.
With the capital increase Dürr intends to further improve its financing structure. The aim is greater long-term security and at the same time flexibility and efficiency.
Another purpose of the capital increase is to secure the basis for financing growth. Besides above-average organic growth relative to the market, Dürr also plans several smallish bolt-on acquisitions to round out its activities.
Dürr intends to redeem a substantial part of its high-yield bond in the summer of 2008. In addition, negotiations are currently being conducted in the credit consortium for prolonging and increasing the syndicated credit facility in line with the company’s improved situation. This package of measures will probably yield significant relief in interest expense already in 2009. Dürr expects this to have a positive effect on earnings per share and thus create value for shareholders. In addition, Dürr expects an accelerated upgrading of its corporate ratings by the rating agencies.
DISCLAIMER:
THIS PUBLICATION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES. NO OFFER OF SECURITIES OF DÜRR AG, STUTTGART IS BEING; OR WILL BE, MADE IN ANY JURISDICTION.
THIS PUBLICATION AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN. THE SECURITIES OF THE COMPANY DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE LAWS OF ANY STATE, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE LAWS. THERE WILL BE NO PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.
Dürr AG
The executive board
End of disclosure
|
Dürr AG corpcom(at)durr.com |