CHSH Cerha Hempel Spiegelfeld Hlawati has advised AT&S Austria Technologie & Systemtechnik Aktiengesellschaft, a leading Austrian manufacturer of circuit boards, in connection with its recent capital increase.
The total transaction volume exceeded EUR 100 million and consisted of an offer for a total of 15,527,412 new shares and treasury shares in AT&S which were successfully placed, despite the difficult market conditions, with investors as part of a public offering in Austria and an international private placement.
CHSH prepared the capital market prospectus, managed the two-staged registration of the capital increase with the commercial register, and also advised AT&S on all other aspects relating to corporate and stock exchange law. The team at CHSH was headed by Clemens Hasenauer and Volker Glas and also consisted of Christian Aichinger, Gernot Wilfling and Matthias Pusch.
"What was particularly exciting about the transaction was the fact that a capital increase was performed for the first time in two tranches. As a result of this, it was possible to carry out a pre-placement with institutional investors and deliver the shares sold to the investors while the subscription period was still open, and so the final size of the remaining offer volume had still yet to be determined", explained Hasenauer.
The banks underwriting the transaction were advised by Baker & McKenzie.