News & Press
Annual General Meeting of Weng Fine Art AG: High Interest, New Format - EUR 0.50 dividend (including bonus) set
30 Aug. 2021 / Pressemitteilungen
Weng Fine Art AG (WFA) held its Annual General Meeting (AGM) successfully and safely as a live event on August 24, 2021 in Düsseldorf. More than 100 shareholders attended the event in person, making the WFA AGM the best-attended AGM in Germany so far in 2021. In addition, more than 300 participants followed the event via a live webcast.
Attendance at this AGM was 88.1% (previous year 81.9%) of the voting capital of 2.660.000 EUR. This high level of participation demonstrates the strongly increasing interest of shareholders in Weng Fine Art AG - especially as the number of shareholders has increased by more than 75% since the last AGM in December 2020.
The AGM approved all of the management's proposed resolutions with approval rates of 99.9% to 100%. This included the proposal for the appropriation of profits, which provides for the distribution of a dividend of EUR 0.30 and a special dividend of EUR 0.20 per share. The distribution will be made on September 1, 2021 - the total dividend, calculated on 2,660,000 shares, amounts to EUR 1.33 million.
In the election of the new Supervisory Board, the incumbent Supervisory Board members Christian W. Röhl (Chairman), Dr. Dietrich von Frank (Deputy Chairman), Patrick Kiss and Wim Zwitserloot (Substitute Member) were confirmed in their offices for a further three years. With the election of Florian Illies, the Supervisory Board was expanded to four members.
The Annual General Meeting approved the stock split proposed by the management in a ratio of 1:2 with 99.92 % The share capital will be doubled to EUR 5.5 million - probably in September/October - by means of a capital increase from company funds amounting to EUR 2.75 million. Subsequently, each shareholder will receive one additional bonus share for each share held in their securities account. This measure is intended to further increase the liquidity and reduce the spread of the share.
WFA chose a new format for this year's AGM. In the morning, CEO Rüdiger K. Weng and CDO Melanie Moske reported on WFA's planned developments in the form of an interview. The focal points of the one-and-a-half-hour discussion were the expansion of the e-commerce business and the participation in the NFT business. The Management’s report on the fiscal year 2020 was held in the usual form in the afternoon. The detailed voting results of the AGM can be found on the company's website at www.wengfineart.com/investor-relations/annual-general-meeting. The recording of the interview as well as a detailed report on the AGM, written by the analysts of GSC Research, will also soon be available on the company's website.
During the Annual General Meeting, the Management Board commented positively on the business development in the current year and reported significantly increasing sales, margins and profits in both Weng Fine Art and the Swiss e-commerce subsidiary ArtXX. Management regards the earnings and value drivers of the future to be primarily in the development of new target groups and the closer integration of the art and financial markets. These goals will be pursued in particular through the WFA group's greater involvement in blockchain-based trading in art tokens and the further expansion of its e-commerce business.