Termination of trading of HanseYachts shares on Frankfurt Stock Exchange
by HanseYachts AG 1 Mar 07:31 PST
HanseYachts © HanseYachts
After HanseYachts AG closed the first half of its current financial year with record figures, the company will end trading of its shares on the regulated market of the Frankfurt Stock Exchange in order to further increase its profitability.
This relief measure proposed by the management board of HanseYachts AG has the full support of the Aurelius Group, which is the company's major majority shareholder with a stake of 79.4 per cent of the share capital.
As part of the termination of trading on the Frankfurt Stock Exchange, HY Beteiligungs GmbH, an Aurelius Group company, is offering the shareholders of HanseYachts AG to purchase the company's shares at the weighted average domestic stock exchange price of the company's shares over the last six months, as determined by the German Federal Financial Supervisory Authority (BaFin).
"We are very pleased about this demonstration of confidence from our majority shareholder Aurelius and about the fact that the strong partnership with HanseYachts is to be further expanded with the purchase offer for the free float shares. At the same time, we expect to save more than half a million euros a year by cancelling the stock exchange listing and significantly relieve our administration of reporting obligations that do not contribute to HanseYachts' profitability. We can now invest the valuable resources freed up by this step in the development of new yacht models and thus in strengthening and expanding our market position," says Hanjo Runde, CEO of HanseYachts AG.
Admission to trading on the regulated market is associated with considerable unproductive financial and personnel burdens for HanseYachts. These include extensive reporting obligations and time-consuming publication requirements. In addition, following the revocation of the stock exchange admission, the effort involved in preparing the financial statements will be greatly reduced and their audit will be considerably simplified.