The Extraordinary General Meeting of BAUER Aktiengesellschaft today voted with the required majority to approve the agenda items up for resolution, thereby supporting the proposals by the management.
The planned capital increase can now be implemented within the planned conditions. The company’s share capital will thereby be increased from its current value of EUR 80,301,417.61, divided into 18,844,066 no-nominal-value bearer shares, by up to EUR 30,885,149.15 through a uniform mixed cash and/or non-cash capital increase by the issue of up to 7,247,715 new no-nominal-value bearer shares in the form of common shares (with voting rights). The shareholders are hereby granted the statutory subscription rights.
As already announced, the existing shareholders, both members of the Bauer family (who currently jointly hold 43.81% of shares and voting rights) and Doblinger Beteiligung GmbH (which currently holds 19.84% of shares and voting rights) have expressed their interest in participating in the capital increase to a significant extent. Placement of the shares is planned for the first half of 2021.
The Extraordinary General Meeting also approved the creation of new authorized capital up to a total of EUR 10,000,000.00 with the possibility of excluding subscription rights.
As part of his presentation, Michael Stomberg, Chairman of the Management Board of BAUER AG, reported on the planned capital measure as well as on the preliminary business figures for 2020 that have already been published. “Considering the significant impact that the COVID-19 pandemic has had on the economy and our business, we are proud of the developments in our company over the past year. We made it through this difficult year better than expected, were able to limit the loss and have laid a good foundation for the future. Now that the General Meeting has approved the capital increase, we can once again strengthen our equity ratio to achieve our goals for the coming years.”
The BAUER Group is a leading provider of services, equipment and products related to ground and groundwater. With over 110 subsidiaries, Bauer operates a worldwide network on all continents.
The operations of the Group are divided into three future-oriented segments with a high potential for synergy: Construction, Equipment and Resources. The Construction segment offers new and innovative specialist foundation engineering services alongside the established ones, and carries out foundation and excavation work, cut-off walls and ground improvements worldwide. Bauer is a world market leader in the Equipment segment and provides a full range of equipment for specialist foundation engineering as well as for the exploration, mining and extraction of natural resources. In the Resources segment, Bauer focuses on innovative products and services in the areas of water, environment and natural resources.
Bauer profits greatly from the collaboration between its three separate business divisions, enabling the Group to position itself as an innovative and highly specialized provider of products and services for demanding projects in specialist foundation engineering and related markets. Bauer therefore offers appropriate solutions for the world's major challenges, such as urbanization, growing infrastructure needs, the environment, and water, oil and gas.
The BAUER Group was founded in 1790 and is based in Schrobenhausen, Bavaria. In 2019, it employed some 12,000 people in around 70 countries and achieved total Group revenues of EUR 1.6 billion. BAUER Aktiengesellschaft is listed in the Prime Standard segment of the German stock market.
Source: Bauer AG
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