Swiss Steel Plans Capital Increase
Switzerland headquartered Swiss Steel Holding AG, formerly known as Schmolz + Bickenbach AG, has called for Extraordinary General Meeting on December 22, 2020 to resolve on an ordinary capital increase with gross proceeds of around EUR 200 million while preserving shareholders' subscription rights. Connected thereto lending banks have agreed to significant reliefs under existing syndicated loan, which will lead to more entrepreneurial freedom and considerable cost savings. Strengthening of financing and improvement of equity ratio increase resilience in a challenging economic environment
Targeted minimum gross proceeds of EUR 200 million secured by commitment of BigPoint Holding AG to subscribe for new shares not subscribed for or otherwise placed with other shareholders or investors at a price of CHF 0.21 per share
Also, Mr Jens Alder will step down as Chairman of the Board of Directors of Swiss Steel Holding AGand leave the Board at December 22, 2020. The Board of Directors appoints Vice Chairman Mr Heinrich Christen as the new Chairman for the remaining term until the AGM 2021
Located in Emmenbrucke near Lucerne in the heart of Switzerland, the European long steel market is amongst the leading suppliers of engineering steel and free cutting steel to drawing mills, cold headers & cold extruders, forging industries, chain producers in automotive, engineering and apparatus construction industry in Germany, Italy and France.