The team around capital market law experts Dr. Thorsten Kuthe and Madeleine Zipperle of law firm Heuking Kühn Lüer Wojtek's Cologne office legally advised yingiz GmbH & Co. KGaA on two capital increases.
Yingiz considers itself a "cooperative project," acts as online purchasing pool and offers social shopping and cash-back schemes. The company also implements the cooperative concept in its capital measures. A capital increase of up to EUR 99,999.99 is offered to the members of the purchasing pool in a form of crowd financing, where members may become shareholders via the Internet. The subscription period commenced on December 10, 2012 and will run until February 20, 2013.
Up to 300,000 additional shares will be offered to institutional investors comprising business partners and persons with ties to the founders' network. The subscription right of shareholders was excluded since otherwise a securities prospectus would have had to be published. The company breaks new ground in this regard as well, reacting to the prospectus law amendments enacted at the middle of last year. Previously, an exclusion of subscription rights had not been common practice.
Counsel to yingiz GmbH & Co. KGaA
Heuking Kühn Lüer Wojtek, Cologne:
Dr. Thorsten Kuthe,
Sarah Winkel, LL.M. (all Capital Markets)