Capital market law experts Dr. Mirko Sickinger, Partner, and Tobias Nagel, both based at the Cologne office of commercial law firm Heuking Kühn Lüer Wojtek, advised World Markets AG on a further capital increase with shareholder subscription rights of up to EUR 31.25 million. The client was advised, in particular, on drafting a securities prospectus and its coordination with the German Federal Financial Supervisory Authority (BaFin) as requirement for the public offering of the new shares.
The subscription price is CHF 12.50. After expiry of the subscription period, unsubscribed shares will be placed with institutional investors. Proceeds of the issue are to be used for the acquisition of additional biomass projects to generate CO2 certificates and for financing a current project in Brazil.
World Markets AG, headquartered at Hünenberg, Switzerland, trades in CO2 certificates. The company acquires certificates arising from sustainable projects, mainly in the forestry sector (referred to as 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 March 2013, the company had additionally acquired a fund management company for USD 27 million, managing an acacia wood reforestation and cultivation project, for which emission reduction certificates will be issued in the future as well. Heuking Kühn Lüer Wojtek had already legally advised the company in 2012 on its change to Frankfurt Stock Exchange's Entry Standard and in the first half of 2013 also on a capital increase with subscription rights requiring a securities prospectus.
Counsel to World Markets AG:
Heuking Kühn Lüer Wojtek, Cologne
Dr. Mirko Sickinger, LL.M. (Lead), Tobias Nagel (both Capital Market Law)