Weng Fine Art AG commissions investment bank to place Treasury Stock in the USA

14 Jan. 2022 / Pressemitteilungen

As announced, Weng Fine Art AG (WFA) has mandated a US investment bank to place up to 100,000 WFA shares with professional US investors. The corresponding mandate agreement was signed yesterday. The proceeds are to be used primarily to finance new investments that can enable WFA and its e-commerce subsidiary ArtXX AG to further accelerate their operating business.  

Should demand exceed supply, the company's founder and major shareholder Rüdiger K. Weng will consider selling WFA shares from his own holdings, especially if this could support a strategic partnership. WFA is looking for partnerships in its main market, the USA, especially in the e-commerce, technology, luxury goods and financial sectors.  

The placement of treasury shares on the German market last year was a great success for WFA. In 2021, the company was able to generate around EUR 4 million from these share sales. Early 2022, WFA's shareholder base also exceeded the number of 1,500 investors, up from 533 at the beginning of 2021, with 1,038 new investors offset by only 64 shareholders who terminated their involvement. For the first time, three European funds are among the new WFA investors.   

At the Annual General Meeting, expected to be held in June 2022, the Executive Board will report on the shares placed and the selling prices achieved up until then.