Actually, paragon wanted to part with the meanwhile unpopular subsidiary Voltabox. But after the sale has been delayed for some time, paragon will not get rid of the majority of Voltabox this year. “Paragon is in the fortunate position of being able to wait for the value of the Voltabox share to recover after the difficult market environment in 2020,” the company from Delbrück said on Thursday. “With the” Flow-Shape-Design “, essentially devised by Voltabox CEO Jürgen Pampel, Voltabox has once again catapulted itself to the forefront of technological development in the battery industry,” says paragon founder Klaus Dieter Frers, who is also Chairman of the Voltabox Supervisory Board AG.
It is doubtful whether investors on the Frers Stock Exchange will lose their joy, because paragon is now dragging Voltabox into the next year. After all, it was now possible to sign a letter of intent with Swiss investors for the first partial sale of the Voltabox share package. The investors initially only want to take over 18 percent of the Voltabox shares. For the other 32 percent, the not named investors secure a call option, so that you could gradually increase the stake from 29.9 percent to 60 percent – if you exercise the option. There is no put option for paragon.
But even this deal is not in the dust. By the end of January 2021 you want to have a sales contract ready for signature, now a due diligence phase is pending.
“By selling shares to investors and via the stock exchange, our goal of gradually reducing paragon debt and at the same time focusing on the profitable core automotive business could be achieved,” said Frers on Thursday. “After successfully mastering the corona challenge and the foreseeable implementation of our project regarding the sale of Voltabox, we are now clearly on course for 2021,” said the manager. For 2021, paragon is forecasting an increase in sales from 125 million euros to 140 million euros; the EBITDA margin is expected to increase from 8 percent to 12 percent in the current year to 12 percent to 15 percent in the coming year.
At Voltabox, meanwhile, they are fully relying on the success of the new “flow-shape design”, which was rather disappointed on the stock exchange. “We are currently holding numerous interesting discussions with well-known vehicle manufacturers and industrial companies regarding the technology. This gives us the opportunity to penetrate the automotive sector more strongly, ”said Jürgen Pampel, CEO of Voltabox AG.