Landshut (ots) – Majority shareholder of Endor AG organizes fresh capital and liquidity for the company
- Cash capital increase of EUR 7.7 million oversubscribed
- Liquidity of over EUR 17 million is also available
- First quarter with positive cash flow and profit
- Endor AG profitable again for 2024
- Profit of EUR 20 million EBITDA possible in 2026
- Attractive alternative for shareholders
There are signs of a turnaround for the medium-sized Bavarian company Endor AG, which has been in the headlines for months. The company’s founder, majority shareholder and former CEO, Thomas Jackermeier, presented a package on Thursday that will recapitalize the company and provide it with fresh liquidity. In total, these funds amount to almost EUR 25 million and would finance the company until the end of 2026. Jackermeier is thus presenting an attractive alternative to the restructuring according to the Corporate Stabilization and Restructuring Act (StaRUG), which was previously preferred by parts of the board. “The concrete risk of expropriation of all shareholders through the procedure proposed by the board of directors is averted. As in the case of Leoni AG, all small and large shareholders would be expropriated,” says Jackermeier.
In recent weeks, Jackermeier has been working on an offer that would recapitalize the company he founded and protect its shareholders from the devaluation of their shares. There will then be a capital increase of EUR 7.7 million at EUR 1 per share in May; the company has authorized capital of this size. There are also loans and a convertible bond totaling EUR 17 million. As part of this plan, Endor AG’s headquarters will be sold to investors and rented back. Both the capital increase and the injection of liquid funds have been signed bindingly by four existing major shareholders and two new investors. The alternative to restructuring organized by Jackermeier is available to the lending banks, who want to decide on it this Friday. The Jackermeier alternative is not only more advantageous for shareholders than a StaRUG procedure. The banks are also doing better with this.
As already known, the current board has presented the lending banks with an offer from Birkenstein Capital after they would have to forego a significant portion of their loans. The shareholders would lose their shares as a result of the takeover of Endor AG by Birkenstein Capital. “I myself will probably be significantly diluted by this package, but it is now important to save the company. The interest in the capital increase is very high due to the low subscription price, especially since the risk of insolvency is averted with a successful capital increase. We are already oversubscribed and I can “We only recommend that all shareholders exercise the subscription rights or subscribe more in order to qualify for the subscription rights that have not been exercised,” says Jackermeier.
Despite Endor AG’s strong growth, the company’s market value has fallen from EUR 300 million to just under EUR 10 million. “We are still on a growth path and are profitable again. The many one-off effects surrounding the chip crisis are largely history and we are now working through a catalog of measures to significantly strengthen ourselves organizationally so that we can continue to manage growth.”
Questions & Contact:
For inquiries:
Thomas Knipp, impact communication
tknipp@impact-communication.de
+49-172-6800537