Züblin postpones capital increase
Züblin Immobilien Holding postpones its capital increase, which was approved by the Annual General Meeting on June 30, 2015. The Board of Directors decided to take this step after being informed by major shareholder Lamesa, with reference to the current financial market turbulence and the associated volatility, that Lamesa would not firmly underwrite the planned capital market transaction within the specified three-month period, Züblin writes in a statement.
At the end of June, shareholders had approved the proposed capital restructuring measures of Züblin Immobilien Holding AG. These consist of a capital reduction combined with a simultaneous ordinary capital increase by means of a discounted rights offering in the amount of CHF 71.7 million. Under Swiss law, an ordinary capital increase approved by the Annual General Meeting must be implemented within three months - in this case by the end of September.
The Board of Directors will convene an Extraordinary General Meeting of Shareholders in Zurich on October 29, 2015, and will submit to the shareholders for re-confirmation the same measures to strengthen the capital base as already approved at the last Annual General Meeting.
Lamesa has assured the company that it continues to support the recapitalization of Züblin and is prepared to firmly underwrite the rights offering. Furthermore, the main shareholder is prepared to extend the shareholder loan it has granted until the implementation of the necessary capital measures, Züblin announced. (ah)
