The aim of the AGM is to pass resolutions on capital injection
Vienna (OTS) – Today, December 11, 2020, AutoBank AG received the order for an early intervention measure by decision of the Financial Market Authority (FMA).
Specifically, the managing directors must convene an extraordinary general meeting of Autobank AG by 29 January 2021 at the latest, which in any case contains the two following resolution points:
a. Resolution of the general meeting of a capital increase in the amount of at least EUR 12.8 million, for which the capital is provided by the existing shareholders if necessary (i.e. in the absence of an external investor) and which in a first tranche of at least EUR 8.3 million until 31.5.2021 at the latest , as well as in a second tranche of at least EUR 4.5 million to be implemented by January 31, 2022 at the latest.
If the resolutions for the prescribed capital increase are not passed, AutoBank is encouraged to take alternative measures now.
Specifically, if there are no resolutions to increase capital by existing or new shareholders, the following resolution would have to be passed.
b. Resolution of the general meeting of an amendment to the articles of association, with which the business purpose of the Autobank AG is changed to “orderly processing of banking transactions and subsequent abandonment of the license in accordance with Section 7 Para.
The FMA’s justification for the mandate in the notification is essentially that a capital injection is necessary for continued compliance with the SREP total capital requirements (TSCR).
AutoBank AG is working intensively on increasing the core capital and is currently holding talks with a possible investor about the conclusion of a letter of intent in order to examine a possible subscription of the capital approved at the Annual General Meeting on November 30, 2020. AutoBank AG currently continues to meet the minimum capital requirements.
After the conclusion of a letter of intent, a transaction would be subject, among other things, to a satisfactory due diligence, the implementation of a final assessment and the agreement on the contractual documentation as well as the corresponding shareholder resolutions of the companies involved. The execution of the transaction also requires regulatory approvals (such as owner control procedures).
Inquiries & contact:
Mag. Christian Sassmann
Board member AutoBank AG