Ad-hoc-Meldung gemäß Art. 17 MAR in
Verbindung mit § 4 Abs. 1 S. 1 Nr. 1a WpAV
Schlagworte:
Restructure of Company/Weiteres Schlagwort
Eintritt der
Insiderinformationen:
21.07.2024
Ergänzende
Angaben:
VARTA AG: VARTA AG announces financial
reorganization with StaRUG proceedings
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Inhalt der
Ad-Hoc-Mitteilung:
EQS-Ad-hoc: VARTA AG / Key word(s): Restructure of
Company
VARTA AG: VARTA AG announces financial
reorganization with StaRUG proceedings
21-Jul-2024 / 18:41 CET/CEST
Disclosure of an inside information acc. to
Article 17 MAR of the Regulation (EU) No 596/2014,
transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the
content of this announcement.
VARTA AG, Ellwangen, ISIN: DE000A0TGJ55
Publication of inside information pursuant to
Article 17 of Regulation (EU) No 596/2014
VARTA AG announces financial reorganization with
StaRUG proceedings
Ellwangen, 21 July 2024
VARTA AG (the "Company") has decided today to
notify the competent local court of Stuttgart on
short notice of a restructuring project in accordance
with the German Corporate Stabilization and
Restructuring Act (
StaRUG).
The background to the planned notification are
the constructive negotiations with financial
creditors and potential investors regarding a
restructuring project. Among the potential new
investors are,
inter alia, a company controlled by the
current majority shareholder of the Company,
DDr. Tojner, Dr. Ing. h.c. F.
Porsche AG as well as further interested
parties, with which different proposals are currently
being discusses. The Company's management board
expects to quickly reach an agreement regarding one
of the proposals under discussion and to be able to
conclude corresponding agreements with the relevant
parties involved and to put a restructuring plan to
the vote.
The Company has currently received two
different proposals for a financial restructuring.
The aim of both proposals for a restructuring project
is to provide liquidity (either as debt capital or as
a combination of debt and equity, according to
current estimates in a high two-digit million euro
amount) to finance operational restructuring
measures, significantly reduce the Company's debt and
thus improve the equity ratio. Both proposals provide
for a simplified reduction of the Company's
registered share capital to EUR 0 (zero) in
conjunction with a subsequent capital increase with
the exclusion of subscription rights and the issue of
new shares. This would lead to the current
shareholders leaving the Company without compensation
and to a delisting of the VARTA AG shares. In
addition, a significant debt haircut is planned for
certain creditor groups and the deferral of remaining
claims.
As it is not predominantly likely that the
respective capital measures envisaged in the
restructuring project will achieve the necessary
approval of the general shareholders' meeting (at
least 75% of the share capital present), the
restructuring project shall be implemented in
accordance with the StaRUG.
Since without implementation of the
restructuring plans losses would be incurred that
would consume the registered share capital of
VARTA AG, the management board of VARTA AG will
convene a general shareholders' meeting in accordance
with section 92 of the German Stock Corporation
Act on short notice. As a preventive measure, the
management board will notify this shareholders'
meeting of losses amounting to more than half of the
registered share capital.
The preparation, auditing and publication of
the annual and consolidated financial statements of
VARTA AG will only be possible again once the
implementation of the restructuring concept has been
secured. Publication of the annual and consolidated
financial statements for 2023 will therefore be
delayed and cannot take place until the second half
of August 2024 at the earliest.
Contact
Investors Emanuel Sican
Head of Investor Relations
IR@varta-ag.com
Presse and Media Jürgen Beilein
Press Spokesman (interim)
PR@varta-ag.com
End of Inside Information
21-Jul-2024 CET/CEST The EQS Distribution Services
include Regulatory Announcements, Financial/Corporate
News and Press Releases.
Archive at www.eqs-news.com
Language:
English
Company:
VARTA AG
VARTA-Platz 1
73479 Ellwangen
Germany
Phone:
+49 (0)791-921-0
E-mail:
info@varta-ag.com
Internet:
www.varta-ag.com
ISIN:
DE000A0TGJ55
WKN:
A0TGJ5
Listed:
Regulated Market in
Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Stuttgart, Tradegate
Exchange
EQS News ID:
1950473
End of
Announcement
EQS News Service
1950473 21-Jul-2024 CET/CEST
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Name:
VARTA AG
Adresse:
VARTA-Platz 1, 73479 Ellwangen
E-Mail-Adresse:
info@varta-ag.com
ISIN:
DE000A0TGJ55
WKN:
A0TGJ5
Handelsplätze:
Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Stuttgart, Tradegate Exchange
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Pflichtveröffentlichung am:
21.07.2024
Uhrzeit der
Veröffentlichung:
18:41:17
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