Pfleiderer AG places capital increase of 10%

Feb 10, 2010. /Lesprom Network/. Pfleiderer AG has placed 5,332,600 new shares out of a share capital increase against cash contributions, which was decided upon by the Executive Board and received the approval of the Supervisory Board, company said in a press release received by Lesprom Network. The capital increase is taking place out of Pfleiderer’s approved capital for a price of Euro 6.50 per share and will increase the company’s share capital by Euro 13.6 million from Euro 136.5 million to Euro 150.1 million. The shares have been placed with qualified institutional investors in Germany and abroad, making use of an accelerated bookbuilding process. Shareholders’ subscription rights have been precluded for this capital increase. The shares over subscribed and were broadly placed with a large number of investors, with particular interest from institutional investors in the United Kingdom and Switzerland. Pfleiderer AG will receive gross proceeds from the issue of Euro 34.7 million, which will be used to reduce its financial liabilities. After the capital increase has been entered in the Commercial Register, the new shares are to be approved without prospectus for trading in the official market (Prime Standard) of the Frankfurt Stock Exchange. “From the recent sale of our treasury shares and this capital increase, we will receive an inflow of Euro 53.2 million. This will further enhance the stability of Pfleiderer AG. In any case, we see ourselves as well prepared to cope also with a possible market weakness in 2010 and to emerge as one of the winners from the market consolidation,” stated CEO Hans H. Overdiek. Pfleiderer Group produces engineered wood, surface finished products and laminate flooring.