DGAP-News: Weng Fine Art AG / Key word(s): Capital
Increase/Miscellaneous
E-commerce subsidiary of Weng Fine Art AG completes additional capital
increase
17.11.2015 / 09:00
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PRESS RELEASE | 17 NOVEMBER 2015
E-commerce subsidiary of Weng Fine Art AG completes
additional capital increase
WFA Online AG has created the foundation for an expansion of its
shareholder-base: A third capital increase of the e-commerce subsidiary of
Weng Fine Art AG, based in Zug / Switzerland, accrued additional capital to
the amount of CHF 760,000. Moreover, an adaptation of the Articles of
Association was made.
Through these measures, the Company now has a share capital of CHF 3.6
million, which is divided into 5 million voting shares A and 2.5 million
ordinary shares B. All class A-shares and about 85 percent of the class
B-shares are owned by Weng Fine Art AG. The art trading company listed on
the Frankfurt Stock Exchange is thinking about opening up its successful
start-up to external shareholders. "WFA Online AG represents both a
high-margin, but also scalable business model. If we continue to meet our
expectations, we may well imagine to offer a part of the B-shares in
2016/17 to the public," summarizes Rüdiger K. Weng, CEO of Weng Fine Art
AG.
WFA Online AG was set up in July 2014. It launched its e-commerce platform
www.wengcontemporary.com in May 2015, offering original prints and
sculptural editions from over 50 leading contemporary artists - including
Gerhard Richter, Damien Hirst, Andy Warhol, Robert Longo, Alex Katz, and
Yves Klein.
Furthermore, the parent company, Weng Fine Art AG, increased in November
its treasury stock to 150,000 shares and finalized its current buyback
program. The company took advantage of the lower market price of the share,
which had resulted from the sale of a large stake by a single shareholder.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com), with subsidiaries in Germany and
Switzerland, is a leading internationally 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 inventory 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
Rüdiger K. Weng, CEO
Kimplerstrasse 294 | 47807 Krefeld | Germany
Phone +49 (0)2151 93713-0 | Fax +49 (0)2151 93713-29
E-mail rkweng@wengfineart.com
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17.11.2015 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.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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: Regulated Unofficial Market in Berlin; Open Market (Entry
Standard) in Frankfurt
End of News DGAP News Service
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413531 17.11.2015
DGAP-News: E-commerce subsidiary of Weng Fine Art AG completes additional capital increase
| Source: EQS Group AG