Gleiss Lutz has advised Progress-Werk Oberkirch AG (PWO) on its capital increase for cash involving the issue of 625,000 new shares. Between 30 April and 14 May 2012 the new shares were offered to the existing shareholders at a subscription ratio of 4:1 for a price of EUR 36.50 per share. The emission volume was therefore around EUR 22.8 million.
PWO is one of the leading developers and manufacturers of high-end metal components and subsystems for automotive safety and comfort features. Landesbank Baden-Württemberg and Silvia Quandt & Cie. acted as lead manager and co-lead manager respectively.
Gleiss Lutz advised PWO on all aspects of the transaction. The Gleiss Lutz team was made up of: Dr. Cornelius Götze (partner), Dr. Stephan Aubel (partner, both lead), Dr. Angela Brücken, Vanessa Maier and Dr. Konstantin von Dryander (all corporate and capital markets, Frankfurt).
Gleiss Lutz also advised PWO on its last capital increase in 2005.
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