Kursaal Bern goes public
Kursaal Bern AG, a traditional Swiss company with three business segments: Congress Center, Hotel & Gastronomy and Casino, has announced the launch of its initial public offering (IPO) on the BX Swiss. The offering comprises a maximum of 40,781 new registered shares. The subscription period begins on June 11, 2021.
The Kursaal Bern Group is a traditional Swiss company with three business segments: Congress Center, Hotel & Catering and Casino. The versatile offer consists of professional congress services with state-of-the-art digital technology incl. streaming studio and 28 flexibly usable rooms for presence events up to 1,500 persons as well as online events. Furthermore, the group has the newly designed Swissôtel Kursaal Bern (4-star superior) with 171 rooms and suites, which is integrated into the international Accor Group.
Annual General Meeting approves IPO
The Annual General Meeting of Kursaal Bern AG on June 7, 2021 approved all proposals of the Board of Directors. In particular, the total revision of the Articles of Association and the creation of authorized capital were approved. Following the General Meeting, the Board of Directors of Kursaal Bern AG decided to carry out the authorized capital increase and to issue a maximum of 40,781 registered shares of Kursaal Bern AG with a nominal value of CHF 50.00 each. The new shares carry full voting and dividend rights as of the 2021 financial year and are equal in all respects to the existing registered shares.
40,781 registered shares on offer
The offer consists of a subscription right for existing shareholders and a public offer in Switzerland. It comprises a maximum of 40,781 new registered shares. The price range has been set at CHF 350 to CHF 380 per registered share. Assuming an offer price in the middle of the offer price range, the Company expects net proceeds from the issuance of the new registered shares to amount to approximately CHF 13.8 million. This amount is based on the assumption that shareholders either exercise their subscription rights in full or that all offered new registered shares for which subscription rights have not been exercised are placed with shareholders and/or investors. The so-called bookbuilding process will start on June 11, 2021 and end on June 25, 2021 at 12:00 noon CEST. The final offer price is expected to be published on June 28, 2021. The listing of the registered shares of Kursaal Bern AG on BX Swiss and the first trading day are planned for June 29, 2021.
Kursaal Bern AG wants to grow further
The net proceeds from the sale of the new registered shares are to be used to strengthen the market position of the Kursaal Bern Group and to promote its expansion into a major Swiss congress, hotel & gastronomy and casino group, as well as to realize further organic and external development opportunities in the longer term. The Board of Directors, the Executive Board as well as the anchor shareholders of the company welcome the transaction and are by a large majority prepared to exercise their subscription rights as well as to partially subscribe for the shares.
to subscribe for additional new registered shares which are not subscribed by existing shareholders. In addition, other well-known investors have declared their willingness to purchase a significant number of unsubscribed new registered shares. In connection with the IPO, a lock-up period of twelve months after the first trading day for the Company and members of the Board of Directors and the Executive Board and six months after the first trading day for the Company and members of the Board of Directors and the Executive Board has been agreed.
trading day agreed for certain anchor shareholders.
Source and more Information
