DGAP-News: Weng Fine Art AG / Key word(s): Share Buyback/Miscellaneous
Extended Lock-up of the Founder and favourable Buybacks reduce the
amount of Weng Fine Art AG shares in circulation
05.02.2015 / 08:40
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PRESS RELEASE | 5 FEBRUARY 2015
Extended Lock-up of the Founder and favourable Buybacks reduce the amount
of Weng Fine Art AG shares in circulation
- Holding company of CEO Rüdiger K. Weng extends to 150,000 shares
- Treasury Stock expanded to 130,000 shares through favourable
re-purchases
Rüdiger K. Weng, Founder and CEO of Weng Fine Art AG (WFA), extended the
voluntary lock-up commit-ment for his shares in the art trading company
listed on the Entry Standard of the Frankfurt Stock Ex-change. According to
the contracts published by the Company and WGZ BANK, the designated sponsor
and capital markets partner, an additional 150,000 WFA-shares from the
holding of RKW Art + Asset Management GmbH will be locked from sale until
January 31, 2016. Thus, the lock-up now extends to a total of 1.8 million
WFA shares, which in the next 12 months cannot be sold neither via the
stock ex-change nor aside from it.
Furthermore, the Free Float was also reduced through share buy-backs: Since
October 1, 2014, WFA was able to re-purchase 75,000 of its shares at an
average price of EUR 6.98, thereby contributing to the treasury stock
totalling 130,000 shares now. Provided that more blocks of WFA-shares are
offered at at-tractive prices, the Company will increase the treasury stock
to 150,000 shares until the scheduled end of the current share repurchase
programme on June 30, 2015. The share buy-back will not affect the very
comfortable liquidity position of Weng Fine Art AG.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com), with subsidiaries in Germany and
Switzerland, is a leading in-ternationally operating art dealing and art
service company. The founder-led company combines a long-term expertise in
the art market with economic know-how. Other factors of success are the
large invento-ry of artworks of the 20 and 21st century as well as the
access to attractive funding. In addition to the traditional art dealing
activities the company targets a leading role in the art e-commerce. Market
know-how, the lack of competition and the comprehensive company-owned stock
of high quality artworks will be the key to success of WFA Online AG in
this segment. The shares of Weng Fine Art AG are listed in the Entry
Standard of the Frankfurt stock exchange.
CONTACT
Weng Fine Art AG
Kimplerstrasse 294 | 47807 Krefeld | Germany
Phone +49 (0)2151 937130 | Fax +49 (0)2151 93713-29
E-mail rkweng@wengfineart.com
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05.02.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Weng Fine Art AG
KimplerstraÃe 294
47807 Krefeld
Germany
Phone: 02151 937130
Fax: 02151 93713-29
E-mail: art@wengfineart.com
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Freiverkehr in Berlin; Frankfurt in Open Market (Entry
Standard)
End of News DGAP News-Service
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319851 05.02.2015
DGAP-News: Extended Lock-up of the Founder and favourable Buybacks reduce the amount of Weng Fine Art AG shares in circulation
| Source: EQS Group AG