News & Press
ArtXX AG increases share capital to service option program - scope for expansion is extended by further increased credit lines
27 Okt. 2021 / Pressemitteilungen
ArtXX AG, the e-commerce subsidiary of Weng Fine Art AG (WFA) based in Zug, Switzerland, will increase its share capital from CHF 3.6 million to CHF 3.72 million in November 2021. The 100,000 new shares will be used to service options issued to management and employees in 2020/2021. The premium of approximately TEUR 500 in cash will be booked to the capital reserve. The equity of ArtXX AG will hence increase to about EUR 7 million by the end of 2021, despite the high dividends that have been distributed since the company's founding. Furthermore, the management succeeded in agreeing on higher credit lines with the four financing banks for the further growth of the company. ArtXX AG is expected to have access to a credit line of EUR 10 million, an increase from the previous EUR 8 million, before the end of this year.
The largest shareholder of WFA, Rüdiger K. Weng A+A GmbH, has announced that it plans to submit a purchase offer for its shares to the free shareholders of ArtXX AG in January 2022. This would give the shareholders the opportunity to realize their profits when they sell their shares from the private placement (May 2019) and the shares received as part of the distribution of dividends (December 2020).
A listing on the stock exchange will not happen before 2023 as ArtXX AG does not require any additional equity for the foreseeable future, and the parent company would like to further develop the business of the e-commerce subsidiary before taking on new investors.