Weng Fine Art AG (WFA) has for the first time been able to sell treasury stock to a European small cap fund. Following this transaction, the second tranche of 50,000 treasury shares has now been fully placed. An average price of approximately EUR 45 was achieved for this tranche of shares. In total, WFA has already made a profit of EUR 3.85 million from these share transactions in 2021, which will be booked tax-free directly to equity in the 3rd quarter.
For the remaining 50,000 treasury shares, the company hopes to generate proceeds of approximately EUR 3 million. The shares can be sold to 'qualified investors' via the stock exchange or without a prospectus as part of a private placement, for which WFA plans to address US investors.
The equity already raised has been used to finance the acquisition of shareholdings. The free float in the shareholder base has already increased by the previous sales of treasury shares, which, in addition to the heightened interest in the company, has led to significantly higher share turnover on the various stock exchanges in recent weeks.
The free float of Weng Fine Art AG will further increase to approximately 1.8 million shares due to the upcoming stock split. The split is scheduled for October 15, 2021 and will increase the remaining number of shares to a total of 5.5 million.
Weng Fine Art AG published this content on 17 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 September 2021 12:31:08 UTC.