- Private issue by company founders increases free float to 34.82%
- Buyers are institutional investors
The two company founding shareholders and board members of GK SOFTWARE AG, Rainer Gläß and Stephan Kronmüller, have sold 10.81% of their shares in the company by way of a private issue. The transaction was carried out acting on the advice of the lead manager, ICF Kursmakler AG, in order to meet the request expressed on many occasions by institutional investors to increase the free float allocation. This is designed to improve the marketability of the shares and reduce volatility. The increase in the proportion of shares that are freely marketable now makes GK SOFTWARE an interesting proposition for investors too, who can invest in free float securities that make up more than 25% of the company's shares. The sales price for the shares made available in this issue was EUR 50 per unit. The buyers are institutional investors based in Germany and elsewhere in Europe. As a result of this transaction, the proportion of free float shares has risen from 24.01% to 34.82%. The proportion of shares in GK SOFTWARE AG held by the two company founders directly and indirectly is now 65.18%. So the company founders continue to have a majority shareholding in the company. Through this transaction, the percentage of equity held by GK Software Holding GmbH in GK SOFTWARE AG has fallen from 70.57% to 59.76%.
Rainer Gläß and Stephan Kronmüller are planning to retain their majority shareholding in GK SOFTWARE in the long term. Rainer Gläß, CEO at GK SOFTWARE AG says: 'Stephan Kronmüller and I have acted in accordance with the wishes of the capital market and have enabled an increase in the free float in order to make the share even more attractive for capital markets. However, we are not planning to sell any more shares. We are both convinced that GK SOFTWARE AG, which we founded, still has a great deal of potential for the future.'
Overview
