Corporate | 4 February 2013 09:00
Weng Fine Art AG / Key word(s): Miscellaneous
04.02.2013 / 09:00
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Weng Fine Art AG: CEO and founder Rüdiger K. Weng has management contract
extended to 2016
* Continuity of personnel safeguarded through the growth phase
* High transparency: management contract available to view on the website
* Company founder increases shareholding
* WFA shares included in Entry Standard Index
Continuity of leadership at Weng Fine Art AG (WFA) has been safeguarded for
a further three years: At the start of the new financial year the company's
founder Rüdiger K. Weng received a new management contract to keep him in
his current role until 31 January 2016. This will cover the period during
which the company is hoping to develop and expand into a leading company on
the continental European art market. In line with the model of transparency
used in Anglo-Saxon stock companies, the new management contract will be
available to review with immediate effect on the Investor Relations pages
of the company's website (www.wengfineart.com).
The contract does not provide for any management bonus so that the CEO,
like the external shareholders, only participates in the financial success
of this growth strategy by means of dividend payments and WFA share price
rises. Rüdiger K. Weng has accordingly again increased his shareholding in
the company by purchasing a further 10,000 WFA shares at a price near to
the current market price. The company's founder and namesake now directly
and indirectly (through his asset management company RKW Art + Asset
Management GmbH) holds precisely 2 million shares. This represents a
holding of 72.7 %.
Starting this Monday, the WFA share will also be traded on the Xetra
electronic trading platform, in addition to the Frankfurt and Berlin stock
exchanges. 'On the one hand, we are thus expanding the pool of potential
investors, and on the other hand this Xetra listing will stimulate market
liquidity in the medium term,' explains WFA CEO Rüdiger K. Weng, and refers
to the fact that since the start of last year, the listed art trading
companies has become one of the most active shares in the small cap segment
on the Frankfurt stock exchange.
Accordingly, WFA has also joined the top 30 index of this market segment
focused on growth stocks, where it is currently the strongest weighted
share due to performance effects.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com) is one of the highest-capitalized
and fastest-growing European art traders, focusing on blue chip artists of
the 20th century. In its core business, the company uses a B2B business
model and mainly serves commercial counterparties, among them the world's
leading auction houses. Moreover, Weng Fine Art's expertise and market
position are the basis for the currently implemented expansion into new
activities such as e-commerce and editions. The company's shares have been
trading at Frankfurt Stock Exchange (Entry Standard) since 2 January 2012.
INVESTOR RELATIONS CONTACT DETAILS
edicto GmbH
Axel Mühlhaus
Eschersheimer Landstr. 42 | D-60322 Frankfurt a.M.
Phone +49(0)69 905505-52 | Fax +49(0)69 905505-77
E-mail amuehlhaus@edicto.de
End of Corporate News
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Language: English
Company: Weng Fine Art AG
Kimplerstraße 294
47807 Krefeld
Germany
Phone: 02151 937130
Fax: 02151 93713-29
E-mail: art@wengfineart.com
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Open Market (Entry Standard) in Frankfurt
End of News DGAP News-Service
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200417 04.02.2013