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123fahrschule starts the implementation of the direct resolution of the Annual General Meeting

DGAP-News: 123fahrschule SE / Key word(s): Development of Sales 123fahrschule starts the implementation of the direct resolution of the Annual General Meeting 07.09.2022 / 18:14 CET/CEST The issuer is solely responsible for the content of this announcement. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS RELEASE.

 

Corporate News

 

123fahrschule starts the implementation of the direct resolution of the Annual General Meeting with a capital increase with possible proceeds of up to EUR 4.9 million and gives business update

 

123fahrschule SE (ISIN: DE000A2P4HL9; ticker symbol: 123F) – as already announced on 5 September 2022 – is starting to implement the capital increase resolved by the Annual General Meeting on 27 June 2022. Following the approval of the publication of the Securities Information Sheet (WIB) by the German Federal Financial Supervisory Authority (BaFin) on 6 September 2022 and the publication of the subscription offer on 7 September 2022, the subscription offer to the shareholders of 123fahrschule will now commence as planned on 8 September 2022. The subscription offer will consist of up to 700,719 new shares offered at a subscription price of EUR 7.00 per new share. The subscription period will end on 21 September 2022 (including). The WIB and the subscription offer are published on the IR website unternehmen.123fahrschule.de.

 

The capital increase is broadly supported by the management, the Executive Board and the Supervisory board; around 35,000 shares have already been subscribed from this group.

 

The capital increase resolved by the Executive Board and Supervisory Board on 5 September 2022 comes in a very important stage for 123fahrschule SE. After the strong growth in the last quarters, the company is facing another important growth threshold. Assuming that all shares are subscribed or placed, the company would have the opportunity with the funds raised in the capital increase to stem further acquisitions of driving schools with a total turnover of more than 12 million euros and to finally reach a level of turnover and earnings that are expected to generate a sustainable positive cash flow.