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Air Berlin completes ?38.8m capital increase

5th June 2009 - 16:31 GMT | by The Shephard News Team


Air Berlin has successfully completed a capital increase, raising a total of €23 million as a result of issuing new shares.

The new shares represent an increase of approximately 10% of Air Berlin's issued and registered share capital. The proceeds from the capital increase will be used for general corporate purposes of Air Berlin.

Furthermore, ESAS Holding, Air Berlin's largest shareholder, has agreed to purchase four million new shares at the offer price, and Johannes Zurnieden, chairman of Air Berlin's board of directors, as well as Joachim Hunold, CEO of Air Berlin, have agreed to purchase 350,000 and 150,000 new shares, respectively. This will raise additional proceeds of €15.8 million. The new shares to be subscribed will be issued by way of a separate capital increase of Air Berlin.

"We are very pleased with the way the market has reacted," remarked Ulf Hüttmeyer, CFO of Air Berlin. "The high demand proves that Air Berlin's strategy is being accepted by the market. We sold approximately 6.6 million new shares at an offer price of €3.50 per share to institutional investors, thus realising approximately €23 million with the capital increase. As a result of the two capital increases, we will be receiving a total of €38.8 million.

"Furthermore, as previously agreed in March and subject to the approval of the German Federal Cartel Office, a subsidiary of TUI Travel plc has agreed to acquire an interest in Air Berlin PLC by subscribing to approximately 16.3 million new shares at a per-share price of €3.97," Hüttmeyer added.

The Shephard News Team


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