The shareholders of the financially troubled steel group Schmolz + Bickenbach (S + B) have paved the way for a capital increase, free. This was made possible by a last Minute deal between the two major shareholders Martin Haefner and Liwet.
The 14-clock-scheduled extraordinary General meeting had begun with a one hour delay, because the major shareholders had haggled up to the last Minute. But in the end, the Viktor Vekselberg controlled Liwet agreed to a restructuring.
Says ' Yes ' to restructuring: the Russian Investor Viktor Vekselberg. Image: Keystone/Alessandro Della Bella
Haefner is the largest shareholder
Thus was reached a principled agreement on who will have in the future at S + B Say. In particular, Liwet was assured that the company "can no more, but also not less" than 25 percent of the steel group. At the same time, the Amag-owner Haefner can increase his holding company Bigpoint, its share of 17.5 to a maximum of 37.5 percent.
The S+B-the Board of Directors approved, after a short consultation the Changes and recommended to the shareholders for approval. Was approved the capital increase finally, significant 79.3 per cent. S + B to accrue much-needed 325 million Swiss francs.
37.5 percent of the shares are in his possession: Amag-heritage Martin Haefner. Image: PD
Waiting for the Finma
the launch of The capital increase is from the well-being of the financial market Supervisory authority Finma want to be dependent. In this S + B has disposed of an appeal against a decision of the takeover Commission UEK. This wanted to grant Haefner no exception to the duty to make an Offer to all other shareholders when Crossing the One-third threshold.
The Finma will publish in a week to make their decision. A rejection would jeopardize the capital increase. Another question mark is behind the negotiations with the lending banks and providers of debt capital from S + b, Because a new majority shareholder, would allow a bond in the amount of 350 million francs will be payable. In respect of the bonds Martin Haefner appeared before the shareholders optimistic that a solution can be found, for example, with a bridge financing.
joy to the Happy End in the case of Chairman of the Board Jens Alder at the extraordinary General meeting of shareholders in Emmenbrücke. Image: Keystone
Only the first step of the reorganization
Chairman of the Board, Jens Alder was signed before the vote, a grim picture of the situation of the company and prepared the shareholders to the fact that it will need in the renovation of a long breath.
The company was no longer financially weak, too weak for the cyclical steel market. He introduced further cost reductions and restructuring in the views. It is not "wool that S + B will save, but also broken," he said.
optimism radiated, meanwhile, Haefner: "I competed to secure the future of Schmolz Bickenbach," said the shareholders in Emmenbrücke. "With my investment I can contribute to a robust balance sheet, and will establish clear Leadership in the shareholders. I will draw on the role of the strict owner back and is no longer a member of the Board of Directors to be."
In the case of Liwet, you spoke of a "constructive solution in the interests of all Parties", which was achieved. Now it is possible to carry out a thorough analysis of the company. The operational processes could be optimized, stocks reduced, or the sale of non-core activities to be initiated. (sda/red)
Created: 02.12.2019, 15:21 PM