Image: Varta
The holding company of the Austrian investor, Montana Tech Components, has subscribed to a capital increase of 2.2 million shares at EUR 22.85 each, Varta announced on Tuesday evening in Ellwangen. That is around five percent of the share capital. The purchase price corresponds to a discount of four percent to the closing price on Tuesday.
Varta intends to use the proceeds to invest “specifically in important fields of innovation”, above all in the energy storage business. Since the announcement of the capital increase and a drastic austerity course on Monday, the stock listed in the small value index SDax has lost twelve percent. According to Varta, Montana Tech recently held 50 percent of the company, and now its stake is likely to increase to almost 52 percent.
With the capital increase, the banks should also have approved the restructuring concept presented by the new Varta CEO Markus Hackstein. She was a requirement. The banks had checked whether Varta could be restructured at all – an expert opinion had attested the company future prospects – if the procurement, administration and personnel costs fell and Varta could broaden the customer base.
Source: Nachrichten
