DGAP-Ad-hoc: Signature of Letter of Intent Regarding Initial Partial Sale of Voltabox Share Block and Awarding of Call Options
paragon GmbH & Co. KGaA / Key word(s): Letter of Intent/Disposal
Signature of Letter of Intent Regarding Initial Partial Sale of Voltabox Share Block and Awarding of Call Options
Delbrück, Germany, December 10, 2020 - Today, paragon GmbH & Co. KGaA [ISIN DE0005558696] signed a letter of intent with Swiss investors regarding the conclusion of a purchase agreement for an initial block of shares amounting to 18% of the share capital of subsidiary Voltabox AG. Subject to the completion of an in-depth due diligence review, a purchase agreement for the partial block will be concluded by the end of January. The letter of intent also provides that, in addition to the sale of the block of shares, various call options will be granted to allow investors to gradually increase their stake in Voltabox AG to 29.9% and ultimately to around 50%.
paragon would remain a Voltabox shareholder until the call options are exercised in order to participate in the expected recovery in value of the financial investment. However, long-term involvement with Voltabox AG is not planned.
In the meantime, paragon took advantage of the favorable market development to reduce its stake in Voltabox to currently around 54.5 % through over-the-counter reallocations. With the planned investor participation, paragon's stake in Voltabox AG would decrease to a level that will lead to termination of the full consolidation of Voltabox AG in the consolidated financial statements of paragon GmbH & Co. KGaA.
In addition to the company headquarters in Delbrück (North Rhine-Westphalia, Germany), paragon GmbH & Co. KGaA and its subsidiaries operate sites in Suhl (Thuringia, Germany), Landsberg am Lech and Neu-Ulm (Bavaria, Germany), Markgröningen and St. Georgen (Baden-Württemberg, Germany), Limbach (Saarland, Germany), Aachen (North Rhine-Westphalia, Germany) as well as in Kunshan (China), Oroslavje (Croatia) and Austin (Texas, USA).
Additional information about paragon can be found at www.paragon.ag.
Capital Market & Press Contact
|Company:||paragon GmbH & Co. KGaA|
|Phone:||+49 (0)5250 97 62 - 0|
|Fax:||+49 (0)5250 97 62 - 60|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1154297|
|End of Announcement||DGAP News Service|