DGAP-News: flatex AG
/ Key word(s): Corporate Action/Transaction in Own Shares
flatex AG: Free float increases to 70%
03.07.2020 / 08:30
The issuer is solely responsible for the content of this announcement.
Corporate News / Frankfurt/Main, 3 July 2020
Not for publication or distribution in the United States of America, Australia, Canada, Japan or South Africa or in any other jurisdiction in which offers or sales would be prohibited by applicable law.
Flatex free float increases to 70%
Frankfurt/Main - After the core shareholders of flatex AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR), GfBk Gesellschaft für Börsenkommunikation mbH ('GfBk') and Heliad Equity Partners GmbH & Co. KGaA ('Heliad'), announced today their intention to sell up to 2,300,000 shares in flatex (approximately 11.7% of all outstanding shares) in a private placement to institutional investors, the free float of the flatex share will increase to 70%.
In this context, Bernd Förtsch, owning - directly and indirectly via GfBk - approx. 27.7% of flatex will sell up to 1,800,000 shares. Heliad, currently holding approx. 9.8% of flatex, will sell up to 0.5m shares. Mr. Förtsch will hold after the private placement directly as well as indirectly via GfBk 18.6%, Heliad will continue to hold 7.3%.
"We thank our two core shareholders who have supported us over the last years. Now, the time is right to allow flatex to broaden its shareholder base with additional institutional investors in order to increase the free float. This is an important step in connection with our uplisting to the Prime Standard in the fourth quarter of 2020 and will benefit the liquidity of the flatex shares," says Frank Niehage, CEO of flatex.
"After closing the DEGIRO transaction, which we expect in the next weeks, we aim for 2 million clients and 60 million transactions in the mid-term", says Muhamad Chahrour, CFO of flatex. "The increased diversification of our shareholder base, including new and existing institutional investors will support our capital market orientation. This allows us to align our capital market story with our commercial goal to become the leading European online broker."
In December 2019, flatex already acquired 9.4% of DEGIRO for EUR 23.6 million in cash. Upon the closing of the acquisition, the remaining 90.6% of the shares will be acquired and financed by carrying out a capital increase against contribution in kind. In this context, up to 7.5 million new flatex shares will be issued to the current DeGiro shareholders precluding the subscription rights of existing shareholders. In addition, flatex will pay on a debt-and-cash-free basis EUR 36.4 million in cash. DEGIRO shareholders agreed to a 12-month lock-up.
Contact:
Muhamad Said Chahrour
Chief Financial Officer (CFO)
Tel. +49 (0) 69 450001 0
[email protected]
flatex AG
Rotfeder-Ring 7
D-60327 Frankfurt/Main
About flatex AG
flatex AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) operates one of the leading and fastest growing online brokerage businesses in Europe, executing more than 12 million securities transactions paperless per annum. More than 350,000 B2C customers are offered top services and a wide range of an independent product offering at a competitive pricing, based on a modern, self-developed state-of-the-art technology.
In December 2019, flatex announced the acquisition of DeGiro, which will make it one of the largest online brokers in Europe. After completion of the transaction, together they expect to serve more than one million customers with up to 50 million securities transactions in 2020. In a time of bank consolidation, low interest rates and digitalization, the flatex Group is thus ideally positioned for further growth and on its way to becoming Europe's leading provider of online retail brokerage.
Disclaimer
This release may contain forward-looking statements and information, which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to variety of risks and uncertainties. The results actually achieved by flatex AG may substantially differ from these forward-looking statements. flatex assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those anticipated.
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03.07.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
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