Ashurst advised Berenberg Bank, acting as sole global coordinator
and sole bookrunner, on the successful rights issue of MIFA
Mitteldeutsche Fahrradwerke AG (MIFA AG). Ashurst also advised
on MIFA AG's changeover from the Open Market segment to the
regulated market (Prime Standard) of Frankfurt Stock
Exchange. In terms of units sold, MIFA AG is the best selling
bicycle manufacturer in Germany.
All of the 1.6 million offered new shares were successfully placed.
The subscription price of € 7.00 was determined in a pre-placement
procedure. At a subscription rate of 99 per cent., existing
shareholders showed an extraordinarily great interest. From the
capital increase, the company received gross issuance proceeds of
€11.2 million. MIFA AG will primarily use the proceeds to finance
growth; it has plans for strategic acquisitions in Germany and
abroad. The shares are scheduled to be admitted to trading on 17
Ashurst advised comprehensively as transaction counsel with a Frankfurt-based team led by corporate partner Matthias von Oppen. He was
supported by senior associate Peter Holst as well as associates Dr
Philip Cavaillès, Dr Angela Brücken and Kim Laura Frank.