A team led by corporate and capital market law expert Dr. Mirko Sickinger advised 11880 Solutions AG on a capital increase from authorized capital with exclusion of subscription rights. 1,911,109 new shares were issued at an issue price of EUR 1.83 per share, which were fully subscribed and acquired by major shareholder united vertical media GmbH. Most recently, the team advised 11880 Solutions AG on the voluntary takeover offer of united vertical media GmbH, in particular on the submission of the Management Board’s and Supervisory Board’s statements on the offer.
The company’s share capital increases from EUR 19,111,091.00 to EUR 21,022,200.00. The new shares are entitled to dividends retroactively as of January 1, 2019 and will be admitted to trading in Frankfurt Stock Exchange’s Prime Standard segment.
11880 Solutions AG intends to use the proceeds to invest in new IT infrastructure and to strengthen customer acquisition and loyalty. In addition, the company plans to establish the two new platforms werkenntdenBESTEN.de and wirfindenDeinenJOB.de more broadly on the market.
11880 Solutions AG is headquartered in Essen. For two decades, 11880* and 11880.com have been providing reliable results in the search for private individuals and local and national providers in all industries. Germany’s second-largest directory assistance service, 11880*, offers personal phone support, while online business directory 11880.com and the app of the same name offer targeted information and direct contacts to appropriate providers in the selected region. For 2019, 11880 Solutions AG expects consolidated sales between EUR 46.1 million and EUR 48.9 million.
Counsel to 11880 Solutions AG
Heuking Kühn Lüer Wojtek:
Dr. Mirko Sickinger, LL.M. (Lead),
Lena Pfeufer (all Corporate and Capital Markets), all Cologne