Archive
05.03.2004
Intershop Communications Announces Rights Issue
Jena, Germany – March 5, 2004. Intershop Communications AG (Prime Standard: ISH1; "Intershop" or "the Company") today announced that the Company's Executive Board (Vorstand) and Supervisory Board (Aufsichtsrat) have decided to implement a public rights issue from authorized capital in order to raise cash and strengthen the Company’s balance sheet.
As part of the subscription offer, the Company will offer all current Intershop shareholders the opportunity to subscribe for one new Intershop common bearer share per 11.5 existing Intershop common bearer shares held at a price of €2.00 per share (indirect pre-emptive right) during the period from March 10, 2004 to March 24, 2004. To this end, Intershop will issue up to 1,916,113 new common bearer shares from authorized capital. Any shares not subscribed by shareholders will be placed with institutional investors by Munich, Germany-based VEM Aktienbank AG, the investment bank handling the transaction. Through this additional private placement by VEM Aktienbank AG, Intershop expects to raise approximately €3.8 million.
"Upon completion, this rights issue will strengthen Intershop's equity position and provide the Company with additional flexibility for financing its ongoing business and future growth. Overall, this action will substantially increase Intershop's freely available cash. We are convinced that this will send a positive message to our shareholders, customers, and partners," said Dr. Jürgen Schöttler, Chief Executive Officer and Chairman of Intershop's Executive Board. The new shares are expected to increase the total number of Intershop issued and outstanding shares by 8.7 percent, from 22,035,299 to 23,951,412.
Consequently, the Company expects this rights issue will be dilutive to consolidated earnings per share. The Company will publish the subscription offer on March 9, 2004 in the electronic Bundesanzeiger (Federal Gazette) at www.ebundesanzeiger.de and in the Frankfurter Allgemeine Zeitung (FAZ), a German daily newspaper.
Investor Relations:
Annett Körbs
T: +49-3641-50-1370
F: +49-3641-50-1309
ir@intershop.de
Public Relations:
Dr. Ute Danz
T: +49-3641-50-1000
F: +49-3641-50-1002
pr@intershop.de
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