Capital market law experts Dr. Mirko Sickinger, Partner at the Cologne office, and Tobias Nagel of commercial law firm Heuking Kühn Lüer Wojtek advised Swiss-based World Markets AG on a capital increase, including shareholder subscription rights, of up to EUR 30 million. The client was advised, in particular, on drafting a securities prospectus and its coordination with the German Financial Supervisory Authority (BaFin) as requirement for the public offering of the new shares.
The subscription period runs from December 4 to December 14, 2012, with the subscription price being determined on the basis of an average share price of the World Markets share only after expiry of the subscription period in accordance with the provisions of Swiss stock corporation law. After expiry of the subscription period, the shares not subscribed to by the shareholders will be placed with institutional investors and the company expecting to achieve the gross issue volume of EUR 30 million.
World Markets AG, headquartered at Hünenberg, Switzerland, trades in CO2 certificates. The company acquires certificates resulting from sustainable projects, mainly in the forestry sector (sustainable biomass projects), finances their upgrading to the higher-value CCBS gold standard and subsequently sells the certificates at a profit. Currently, World Markets AG holds emission reduction certificates for five million tons of CO2. In September 2012, the company had additionally acquired a fund management company for USD 27 million, managing an acacia wood reforestation and cultivation project.
Counsel to World Markets AG
Heuking Kühn Lüer Wojtek, Cologne:
Dr. Mirko Sickinger, LL.M. (Lead)
Tobias Nagel (both Capital Markets)
Heuking Kühn Lüer Wojtek, Frankfurt:
Dr. Marc P. Scheunemann, LL.M.
Klaus Weinand-Härer (both Tax)