Warteck Invest plans capital increase
Warteck Invest AG, Basel, is planning a capital increase to further expand its real estate portfolio and improve its equity ratio. After many years of organic growth, the company currently has an equity ratio of around 35 percent, it says. With the planned capital increase, the company intends to raise this ratio "to a level comparable to that of listed real estate companies in Switzerland.
The loan volume in relation to the market value of the properties is currently around 57 percent, which is close to the upper limit of 60 percent set out in Warteck Invest AG's strategy. The remaining debt capacity of around CHF 40 million is earmarked for various existing real estate projects and "does not allow the necessary flexibility for further growth," according to Warteck Invest.
The Board of Directors therefore proposes to increase the Company's share capital from the current CHF 1.485 million to up to CHF 1.98 million by issuing up to 49,500 fully paid registered shares with a par value of CHF 10 each. Shareholders will be allocated one subscription right for each registered share held. The exercise of three subscription rights entitles the holder to subscribe for one new registered share against payment of the subscription price.
The exact modalities of the rights offering to existing shareholders are expected to be announced at the Extraordinary General Meeting on October 22, 2015. Bank Vontobel AG has been mandated as sole lead bank to prepare and execute the intended transaction. (mr)
