HOCHDORF Holding Ltd. executes an authorised capital increase in which subscription rights will be granted to existing shareholders
HOCHDORF Holding Ltd. executes an authorised capital increase in which subscription rights to existing shareholders are granted by issuing a maximum of 131,529 registered shares. The expected net proceeds will be used for the purchase of 60% of Uckermärker Milch GmbH and 26% in each of Ostmilch Handels GmbH, Ostmilch Handels GmbH & Co. Frischdienst Oberlausitz KG and Ostmilch Handels GmbH & Co. Frischdienst Magdeburg KG as well as to increase the financial flexibility of the company.
The capital increase will be executed at market and is secured by firm commitments of different investors (Commitment Investors). The Commitment Investors have committed themselves to buy up to a maximum of 138’708 new shares potentially not subscribed by existing shareholders. The commitments are in a price range of CHF 130 to CHF 143 per share.
The subscription rights of existing shareholders are granted. Existing shareholders will be allocated one subscription right for each share and 7 subscription rights allow for the subscription of 1 new registered share against payment of the subscription/placement price. There will be no rights trading. Subscription rights not subscribed by shareholders will expire without compensation after the end of the subscription period (expected to be on Friday, 31 October 2014 at 12:00 noon CET).
New shares not taken up by existing shareholders are expected to be offered in a public placement in Switzerland and private placements with institutional investors in certain foreign countries (excluding in particular the USA) on 3 November 2014. The subscription/placement price is expected to be fixed the same day, based on the number of subscription rights exercised, the demand from investors in the placements, the share price of the registered share of HOCHDORF as well as general market conditions and will at least amount to the lower end of the price range of firm commitments of Commitment Investors of CHF 130 and at most CHF 143. The subscription/placement price and the final number of new shares are expected to be published in a media release on 3 November 2014 after close of trading.
Neue Helvetische Bank AG is acting as Lead Manager and Bookrunner for the capital increase.
Expected timetable for the capital increase
| 21 October 2014 | Last trading day of existing shares including subscription right Allocation of subscription rights after close of trading |
| 22 October 2014 | First trading day of existing shares ex-rights Start of rights exercise period |
| 31 October 2014 (12.00 MEZ) | End of rights exercise period |
| 3 November 2014 | Placement of new shares not taken up in a bookbuilding Fixing and publication of subscription/placement price and final number of new shares |
| 5 November 2014 | Capital increase and registration in the commercial register of the Canton of Lucerne |
| 6 November 2014 | Listing and first trading day of newly issued shares on SIX Swiss Exchange |
| 7 November 2014 | Delivery of new shares against payment of the subscrition/placement price |
