HanseYachts delists from Frankfurt Stock Exchange
HanseYachts will end trading of its shares on the Frankfurt Stock Exchange, after closing the first half of its current financial year with record figures.
The German boatbuilding group says the move will further increase its profitability. The measure, proposed by the HanseYachts AG management board, has the full support of the Aurelius Group, which is the company’s major majority shareholder with a stake of 79.4 per cent of the share capital.
As part of the termination of trading on the Frankfurt Stock Exchange, HY Beteiligungs GmbH, an Aurelius Group company, is offering the shareholders of HanseYachts AG to purchase the company’s shares at the weighted average domestic stock exchange price of the company’s shares over the last six months, as determined by the German Federal Financial Supervisory Authority (BaFin).
“We are very pleased about this demonstration of confidence from our majority shareholder Aurelius and about the fact that the strong partnership with HanseYachts is to be further expanded with the purchase offer for the free float shares,” says Hanjo Runde, CEO of HanseYachts AG.
“At the same time, we expect to save more than half a million euros a year by cancelling the stock exchange listing and significantly relieve our administration of reporting obligations that do not contribute to HanseYachts’ profitability. We can now invest the valuable resources freed up by this step in the development of new yacht models and thus in strengthening and expanding our market position,”
In a statement, HanseYachts says that admission to trading on the regulated market is associated with ‘considerable unproductive financial and personnel burdens’ for the firm. These are said to include extensive reporting obligations and time-consuming publication requirements, as well as the effort involved in preparing the financial statements. The delisting will also streamline the auditing process, the company adds.
In January 2023, HanseYachts posted its 2021/22 financial results, showing extensive losses for the period, despite significant gains in turnover, and a record order book and production volume. The firm had increased its sales prices by around 30 per cent in the 12 months prior.
