- Increase of stake in Pankl to more than 90%
- Issuance of subordinated 5.00% notes without fix term
- Change of legal name of CROSS into KTM Industries AG
Increase of stake in Pankl to more than 90%
On 11 July 2016 CROSS Industries AG increased its stake in Pankl Racing Systems AG from currently 66.15% to 92.63%. With this significant increase the Pankl-Group will be sustainably strengthened in its strategic position within the CROSS-Group. As already reported, in the last weeks the stake in KTM AG has been increased to 51.66% and the stake in WPAG to 99.86%.
Issuance of subordinated 5.00% notes without fix term
For the financing of the acquisitions made in 2016 regarding the core participations KTM, Pankl and WP, having a total value of approximately € 50 mio, CROSS has issued subordinated 5.00% notes without fix term (perpetual bond) in a nominal value of € 40 mio. The perpetual bond has been privately placed and is therefore not subject to the prospectus requirements; the issuance strengthens the equity of the group’s IFRS-financial statements.
Change of legal name of CROSS into KTM Industries AG
As announced, in the extraordinary shareholders meeting taking place on 21 July 2016 the change of the legal name of CROSS Industries AG into “KTM Industries AG” shall be resolved upon.
This release does neither constitute an offer to sell nor an intimation to submit a proposal for the acquisition of securities of CROSS Industries AG.