SWITZERLAND. Travel retailer Dufry today revealed the terms of its previously announced ordinary capital increase by way of a rights offering to be approved by an Extraordinary General Meeting today, 6 October.
The envisaged gross proceeds of approximately CHF700 million from the planned capital increase will be used in part to finance the acquisition of all remaining equity interest in Hudson Ltd, previously announced on 19 August as well as for general corporate purposes.
The latter may include the set-up and operations of the joint venture announced yesterday with Alibaba Group to pursue growth opportunities in China and to accelerate Dufry’s digital transformation.
The Board of Directors proposes to today’s Extraordinary General Meeting to increase the share capital of Dufry through the issuance of up to 24,696,516 fully paid-up new registered shares with a par value of CHF5 each (the ‘New Shares’).
This will result in an increase of the share capital of Dufry from the current CHF277,835,830 by up to CHF123,482,580 to a maximum CHF401,318,410.
The planned capital increase will be executed as an ‘at-market’ rights offering with pre-emptive rights for existing shareholders. Existing shareholders will receive one subscription right for every registered share they hold on 9 October (after market close) to subscribe for New Shares to be issued in the planned capital increase at a ratio of 4 New Shares for each 9 existing shares held.
The pre-emptive rights will not be listed on SIX Swiss Exchange nor traded on any stock exchange and will lapse without compensation unless exercised during the rights exercise period.
Click here for the full terms.
Note: Dufry CEO Julián Díaz will be delivering a keynote interview at the Moodie Davitt Virtual Travel Retail Expo next week, where Alibaba will also be presenting.
Click for further details of the terms
