Ad-hoc | 22 July 2015 19:21
DF Deutsche Forfait AG / Key word(s): Corporate Action
22.07.2015 19:21
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
DF Deutsche Forfait AG's cash capital increase yields gross issue proceeds
of EUR 4.0 million
- 45 % of offered registered shares have been subscribed
- Completion of financial restructuring substantially jeopardised
- Talks are underway with banks, investors and auditors on how to fill
the equity gap
Cologne, 22 July 2015 - DF Deutsche Forfait AG (Prime Standard, ISIN:
DE000A14KN88) has completed its cash capital increase with subscription
rights for the existing shareholders ("cash capital increase") announced on
June 12 of this year. A total of 3,093,955 new registered shares priced at
EUR 1.30 were placed by the end of the subscription period which had been
extended to allow for additional private placements. This means that the
gross issue proceeds from the cash capital increase will amount to approx.
EUR 4,0 million.
Up to 6,800,000 new registered shares were issued under the resolution
passed by the Annual General Meeting on 22 January 2015. Given that only 45
% of the offered shares were subscribed, the company's equity position has
not been strengthened to the extent envisaged in the IDW S6 report, with
the shortfall amounting EUR 6.0 million. The cash capital increase will
only be entered in the company's Commercial Register file, and thus become
valid, after the non-cash capital increase has been entered in the
Commercial Register. However, this prior non-cash capital increase is
predicated on a minimum strengthening of the company's equity
position which was to be achieved through the cash capital increase.
Considering that only 45 % of the offered shares have been subscribed, the
completion of the company's financial restructuring is substantially
jeopardised.
Talks on alternative ways of filling the equity gap are underway with the
lender banks, investors and the accounting firms appointed to assess and
confirm DF Deutsche Forfait AG's going concern status; the certificates
issued by the accounting firms are also a condition precedent for the entry
of the non-cash capital increase in the Commercial Register. In order to
compensate for the lower than anticipated inflow of equity, a plan has been
discussed under which DF Deutsche Forfait AG would repurchase a partial
amount of its outstanding 2013/2020 bond with the help of investors at a
price yet to be determined. The extraordinary income resulting from this
exercise would bolster the company's equity position and could compensate
for the lower-than-expected issue proceeds from the cash capital increase.
DF Deutsche Forfait AG's going concern ability depends on the equity gap
being filled.
Delivery of the new shares subscribed as part of the cash capital increase
will not take place before the completion of the cash capital increase has
been entered in the local Commercial Register. Against the background of
the above described alternative approaches to filling the equity gap it is
not possible to set a date for the delivery of the shares at this time.
The company will announce more information on the next restructuring steps
as soon as possible and practicable.
DF Deutsche Forfait AG
Christoph Charpentier
Kattenbug 18 - 24
50667 Cologne
T +49 221 97376-37
F +49 221 97376-60
E investor.relations@dfag.de
http://www.dfag.de
22.07.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: DF Deutsche Forfait AG
Kattenbug 18-24
50667 Köln
Germany
Phone: +49 (0)221 - 973 76 0
Fax: +49 (0)221 - 973 76 76
E-mail: dfag@dfag.de
Internet: www.dfag.de
ISIN: DE000A14KN88, DE000A1R1CC4,
WKN: A14KN8, A1R1CC
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart
End of Announcement DGAP News-Service
---------------------------------------------------------------------------