With approval of the Supervisory Board of the company, the Management Board of FAST Casualwear AG has resolved on carrying out a second capital increase in the current financial year.
The capital increase will be carried out against cash contribution using the authorized capital to issue 600,000 new shares at a par value of one Euro and at a price of EUR 1.60 per share.
Once this capital increase as well as the capital increase of February 2014 have been registered in the trade register, the share capital will increase to EUR 13,300,000.00. The capital increase is carried out excluding the right of subscription of the shareholders and is subscribed solely by an unrelated individual investor. The new shares shall carry dividend rights for the financial year 2013.
FAST Casualwear plans to use the gross proceeds of the capital increase amounting to EUR 960,000 to support the overall working capital and to finance OEM orders of the company. Furthermore, the transaction will broaden the company’s shareholder base.
About FAST Casualwear AG
FAST Casualwear AG is the German holding company of FAST Group, a Chinese group of companies engaged in the design, production and sale of casualwear, consisting of footwear and apparel including accessories. It mainly designs and produces casualwear under its own brand name “FAST”, targeting consumers aged between 16 and 35 primarily in the lower tier cities in China. FAST distributes its own brand products through 28 unaffiliated regional distributors, who sell the products via retail outlets operated either by themselves or by third party sub-distributors.