EANS-News: Progress-Werk Oberkirch AG
PWO: Capital increase successfully completed
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Capital measures
Subtitle: - Capital increase for contribution in cash fully subscribed
- Gross proceeds of EUR 22.8 million
- Cash inflow to be used to fund future growth
Oberkirch (euro adhoc) - Oberkirch, May 15, 2012 - Today, in an ad hoc
announcement, Progress-Werk Oberkirch Aktiengesellschaft reported that the
capital increase for contribution in cash at a subscription ratio of 4:1, which
was resolved on April 23, 2012, was fully subscribed by its shareholders. The
subscription price of the 625,000 new shares was EUR 36.50 per share. This
subscription price was a discount of 9.7 percent on the closing price on May 4,
2012, the day prior to the determination of the subscription price. Based on
this subscription price, PWO will receive gross proceeds of roughly EUR 22.8
million.
Karl M. Schmidhuber, Chief Executive Officer of PWO, emphasizes: "We thank our
shareholders for their support in this capital increase. We will use this
additional capital to further expand our already strong market position and to
maximize our growth potential even more."
Bernd Bartmann, Management Board Member for Administration and Finance, adds:
"The full subscription of the shares at a price close to the market price,
demonstrates the confidence of the capital market in our business strategy and
in our growth prospects. We will use the new funds carefully in order to
warrant this trust."
PWO plans to use the proceeds from the capital increase to fund future growth
and the increase in order volume as well as for the establishment of assembly
sites.
Progress-Werk Oberkirch AG
The Management Board
PWO company profile
PWO is one of the world's leading suppliers of advanced metal components for
automobile safety and comfort. The company has developed a particular knowledge
in the forming and joining of metals over the course of its over 90-year
history since it was founded in 1919. The German location at Oberkirch today
employs around 1,400 staff members. The Group is globally represented with
further sites in Canada, the Czech Republic, China and Mexico employs around
2,700 staff members around the world.
PW0 is a partner to the global automotive industry for the development and
production of innovative products in the areas of "Mechanical components for
electrical and electronic applications", "Safety components for airbags, seats
and steering" and "Components and systems for vehicle bodies and chassis".
Further inquiry note:
Bernd Bartmann (CFO)
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-Mail: bernd.bartmann@progress-werk.de
end of announcement euro adhoc
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company: Progress-Werk Oberkirch AG
Industriestraße 8
D-77704 Oberkirch
phone: +49(0)7802 84-0
mail: info@progress-werk.de
WWW: http://www.progress-werk.de
sector: Automotive Equipment
ISIN: DE0006968001
indexes:
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English