Magforce AG: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Edison Investment Research
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MagForce AG Aims To Raise Up To EUR33.5 Million
MagForce AG announced that the Company, with the approval of the Supervisory Board, has resolved a restructuring plan to safeguard MagForce's long-term existence. Under the plan, the Company's share capital is to be increased by up to EUR18.6 million by granting preemptive rights to shareholders against cash and noncash contributions. The new shares will have a notional value of EUR1.00 and will be issued for EUR1.80. As part of the capital increase, some of the Company's creditors are also to be granted the right to subscribe for new shares at an issue price of EUR1.80 per share against noncash contributions to the extent that shareholders' preemptive rights are disapplied for shares counting as fractions or that preemptive rights have not been exercised following the expiration of the subscription period for all shareholders, but only up to a maximum of 8,933,643 new shares. The rights will not be traded on the stock exchange. The planned capital measures will be proposed to MagForce's shareholders at an extraordinary General Shareholders' Meeting in Berlin on January 25, 2013. In the short to medium term, MagForce will use part of these cash funds to finance the post-marketing glioblastoma study.
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