VARTA AG has successfully completed its capital increase announced the previous day. The issue of 2.22 million new shares generated gross proceeds of around 51 million euros. The additional capital will be used for targeted investments in key growth and innovation areas of the company.
VARTA AG has taken a first important step on the way to implementing the announced restructuring programme. The announced capital increase was successfully completed. A total of 2.22 million new shares were issued at a price of 22.85 euros per share, hence with a discount of 4% on the Xetra closing price on 21st March. The new shares are fully entitled to dividends for the 2022 financial year and carry the same rights as the existing shares. The company will receive gross issue proceeds of approximately 51 million euros from the capital increase. The subscription of the new shares was carried out exclusively by VGG Beteiligungen SE, a 100% subsidiary of Montana Tech Components. The new shares originate from authorised capital and were issued under exclusion of shareholders' subscription rights.
The company intends to use the proceeds to expand its existing and very well developing energy storage business. In addition, VARTA intends to secure growth in large-format lithium-ion cells, which are already being supplied to one customer.
Dr. Markus Hackstein, Speaker of the Executive Board of VARTA AG: "The conclusion of the capital increase shows that VARTA is on a good path towards financial and operational stability. In particular, the support of our main shareholder, Montana Tech Components, underlines the confidence in the growth prospects of our company. With this important signal, we approach the tasks that now lie ahead of us well equipped and with great confidence."