- Capital Increase of 3.0 mn EUR against contributions in kind
- Reduction of liabilities by 7.0 mn EUR
Today, UET United Electronic Technology AG (ISIN: DE000A0LBKW6), Eschborn, announces that it has signed an agreement to simplify and strengthen the holding structure and equity as well as the reduction of liabilities with the existing shareholders and minority shareholders.
Palace Park Ltd., the existing shareholder of UET AG and minority shareholder of UET Electronic Holding GmbH, where it holds a 49 % stake, subscribed a capital increase of 3.0 mn EUR through a contribution in kind. Palace Park Ltd. will transfer their shares held in UET Electronic Holding GmbH, which is part of the UET group, to UET AG in exchange of newly issued shares. Consequently, the UET AG becomes the sole shareholder of the UET Electronic Holding GmbH and thus indirectly also the sole shareholder of ELCON Systemtechnik, NewTal Elektronik + Systeme, SUCONI Service and Letron Electronic.
In order to reduce corporate liabilities, the UET Group buys back the shareholder loans from the existing shareholders Palace Park Ltd. and FIGLIO Beteiligungsverwaltung, including all accrued and unpaid interests, in total 7.0 mn EUR for a purchase price of 1.0 EUR each. The transaction will be performed by a UET Group subsidiary. The liabilities within the group thereby will be reduced by 7.0 mn EUR.
This transaction significantly strengthens and simplifies the structure of the UET group.
In a further step, the operating companies ALBIS Technologies and ELCON Systemtechnik can now be better integrated operationally enabling further synergies.
As a next step, it is planned to raise additional new capital. The actual transaction supports, enables and contributes as a necessary preparation measure.
The capital increase through contribution in kind will use the existing authorized capital. The closing of the capital increase is scheduled for the fourth quarter of 2016.
UET United Electronic Technology AG
Frankfurter Straße 80-82
Tel: + 49 (0) 6196 777755-0