Munich, May 26, 2011 – Munich-based venture capital specialist mic AG has increased its share capital from € 3.255 million to € 4.26 m via a capital increase through contribution in kind. By converting loans worth € 4.27 m into 1.005 m shares, all liabilities were settled. This means that mic AG’s equity ratio has been raised back up to 100 %. The new shares, created in the course of the capital increase by major shareholder mic Holding GmbH for a price of € 4.25, and which were registered on May 23, 2011, are entitled to dividends as of January 1, 2011.
In order to provide short-term access for a strategic investor, mic Holding GmbH had issued blocks of shares in the listed mic AG to the new investor in December 2010 and January 2011. Afterwards, mic Holding GmbH made this capital available to mic AG as a loan, with mic AG receiving around € 4.27 m. By converting this loan, mic Holding GmbH has again increased its share in mic AG to 46 %, re-emphasising its strategic interest in the company. The capital increase was authorised by the Supervisory Board on March 14, 2011, with the conversion price determined by the share price at the time.
“By taking the unusual route of a loan conversion, the existing shareholders, represented by mic Holding GmbH, managed to facilitate an early entry for the strategic investor, which would not otherwise have been possible before the new year”, says CFO Manuel Reitmeier of the capital increase. To emphasise the long-term character of its investment, mic Holding GmbH agreed to a lock-up of the new shares for the duration of six months. “This is further evidence of the great confidence that existing shareholders have in mic AG. The improved financial opportunities will also allow us to further increase the rate of investment for the current year”, he continues.
In addition, the Supervisory Board extended the contracts of Claus-Georg Müller and Manuel Reitmeier as board members for another five years until April 30, 2016. This ensures continuity in mic AG’s top management. For the current year, mic AG is planning further exits from portfolio companies. “It is our declared aim to exceed last year’s record numbers in 2011“, says Claus-Georg Müller.