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
responsible for the content of this announcement.
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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