DGAP-Adhoc: Varengold Bank AG: 10% capital increase against cash contribution planned
DGAP-Ad-hoc: Varengold Bank AG / Key word(s): Capital Increase/AGM/EGM
Varengold Bank AG: 10% capital increase against cash contribution planned
06-Jul-2022 / 12:59 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Hamburg, 6 July 2022 – The Management Board of Varengold Bank AG (symbol: VG8) decided today to propose a cash capital increase to the Annual General Meeting on 24 August 2022, excluding existing shareholders' subscription rights. The increase should not exceed a proportionate amount of 10% of the current share capital. The subscription price is to be determined at a later date. The Management Board will provide information about further details of the planned capital increase in good time. The issue is to be structured without a prospectus.
The planned strengthening of the equity capital base is intended to enable the expansion of business activities on a stable foundation and to accelerate the growth of the bank. On the background of this strategic decision, a draft resolution on the authorisation for the future issuance of profit participation rights and hybrid bonds that meet the requirements for regulatory recognition as additional tier 1 capital ("AT1 capital") is also to be submitted to the Annual General Meeting in 2022.
The convening of the Annual General Meeting will be published in good time in advance in the Federal Gazette and made available on the company's website.
Dr. Bernhard Fuhrmann
Management Board
Frank Otten
Management Board
Disclaimer
This notification is a mandatory notification according to Art. 17 MAR. The assessments contained are subject to the following caveats.
Disclaimer on forward-looking statements / no duty to update
This communication contains forward-looking statements that are subject to certain risks and uncertainties. Future results may differ materially from those currently expected, namely due to various risk factors and uncertainties such as changes in the business, economic and competitive situation, fluctuations in exchange rates, uncertainties regarding legal disputes or investigations, and the availability of financial resources. The reader should therefore not over-rely on these statements, particularly in connection with contracts or investment decisions. Varengold Bank AG assumes no responsibility for updating the forward-looking statements contained in this communication.
Note
This announcement does not constitute an offer or invitation to subscribe for or purchase any securities of Varengold Bank AG in the United States of America, Germany or any other jurisdiction. This announcement does not constitute a recommendation regarding the placement of the securities described in this announcement.
Ms. Sanja Schultz-Szabo (Head of Corporate Development)
06-Jul-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
End of Announcement DGAP News Service
1392129 06-Jul-2022 CET/CEST