Autobank convenes AGM for January 29th | 01/11/21

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The Financial Market Authority (FMA) has ultimately demanded that the Wiener Autobank, which is in crisis, raise fresh capital – otherwise there is a risk of liquidation and loss of license.

The bank is now complying with this official requirement; a virtual extraordinary general meeting is scheduled for the afternoon of January 29th. The location of the shareholders’ meeting starting at 3 p.m. is the BDO Austria Auditing.

For the resolution to be passed, the share capital is to be reduced to cover an accumulated loss that would otherwise be reported, i.e. a capital cut. As can be seen from the draft resolution, the issue is a capital reduction from EUR 17,651,985 (by EUR 11,032,491) to EUR 6,619,494 in a ratio of 8 to 3, whereby 8 existing no-par shares are combined into 3 no-par shares.

Above all, however, as required by the authorities, fresh capital must subsequently be raised.

The small Viennese bank is listed in Munich and Vienna. Essentially, the special general meeting – ordered on the basis of a decision by the FMA – is about an ordered capital increase of EUR 12.8 million. If there is no external investor, the money has to come from the existing shareholders. A first tranche of at least 8.3 million euros must be received by May 31 of this J. stand, the second by the end of January next year.

In the event of a negative decision, i.e. if the AGM does not decide on a capital increase at the end of January, the bank will immediately obtain the place for any possible processing of the company’s banking transactions by amending the articles of association.

The 5th agenda item is the revocation of the appointment of Eduard Unzeit as a member of the Supervisory Board. The FMA supervisors had also requested that.

(Conclusion) rf / kre

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https://www.finanzen.at/nachrichten/aktien/autobank-beruft-hv-fuer-29-jaenner-ein-1029943990

Autobank convenes AGM January #29th

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