Salzgitter AG to raise free float through selling treasury shares

Salzgitter AG has today begun the process of selling part of its treasury shares.
 
Salzgitter AG currently holds around 10 % of the share capital in the form of treasury shares. The envisaged sale is aimed at raising the number of shares in free float and the liquidity of the Salzgitter share. Discussions with investors have repeatedly emphasized the fact that the share’s liquidity is hindering investment, particularly by major investors.
 
Accordingly, the plan is to sell initially around three million shares. This plan will be implemented without any time pressure and with minimum impact on the market. The proceeds from the sale will scale up the Group’s financial headroom.
 
“Selling part of our treasury shares will enable us to improve the liquidity of our share in a targeted manner, thereby responding to feedback from the capital market,” comments Gunnar Groebler, Salzgitter AG’s CEO. “At the same time, it will give us greater financial flexibility for taking strategic development of the Group forward. The process has been deliberately designed to be gradual, with minimum impact on the market.”