VTG AG successfully completes capital increase – Gross proceeds of around EUR 290 million realized

- Issuance of 5,477,372 new shares at a subscription price of EUR 52.90 per share

- Major shareholders exercise subscription rights in full

- Warwick Holding GmbH also acquires all unsubscribed shares


VTG Aktiengesellschaft (WKN: VTG999) has successfully completed the capital increase against cash contributions launched at the end of April 2019. To this end, VTG AG issued 5,477,372 new no-par-value ordinary bearer shares with dividend entitlement as of January 1, 2018. VTG shareholders in the Federal Republic of Germany and in the Grand Duchy of Luxembourg were able to acquire 4 new shares at a subscription price of EUR 52.90 each for every 21 existing shares held.

The two major shareholders, Joachim Herz Stiftung and Warwick Holding GmbH (an indirect subsidiary of funds advised by Morgan Stanley Infrastructure, Inc.), exercised all the subscription rights to which their existing shareholdings at the beginning of the subscription period entitled them. At the end of the subscription period, Warwick Holding GmbH also acquired all unsubscribed new shares at the subscription price.

"I am very pleased that, thanks to the support of our two major shareholders, we were able to complete the capital increase on attractive terms and with no placement risk," said Dr. Heiko Fischer, CEO of VTG AG. "This marks an important milestone in funding the long-term growth of the VTG Group."

Of the net proceeds of approximately EUR 283 million from the capital increase, around EUR 30 million will be used to partially redeem a privately placed hybrid bond issued to fund the Nacco acquisition in 2018. The remainder of the net proceeds will give the VTG Group greater financial flexibility and will, at the beginning of August 2019, be used to redeem VTG's listed hybrid bond at a nominal amount of EUR 250 million plus accrued interest.

Berenberg and Credit Agricole Corporate and Investment Bank acted as joint global coordinators for the capital increase.