niiio finance group reports the entry of a German small cap fund – but in a detour. niiio board member Johann Horch sold a package of shares worth 744,000 euros from its own portfolio to the fund as part of a private placement. According to the directors’ dealings notification, the sale took place at a price of 0.93 euros per niiio share. The manager reinvests the sales proceeds completely in niiio shares as part of the ongoing capital increase, in which the securities are placed at 1.00 euros.
“The background to this procedure when subscribing to shares is: The general settlement method for German mutual funds is delivery against payment and as such is laid down in many fund statutes. This makes it difficult for these funds to participate directly in a capital increase or even makes it impossible, since the period between subscription of a share certificate and delivery of the new shares can take one to two weeks, ”niiio finance said about the procedure.
Horch now expects that niiio will be able to complete the capital increase in early 2021.
Livestream on December 14th, 2020 from 6 p.m .:
With Hans-Werner Sinn, former President of the Ifo Institute: Corona and the miraculous increase in money in Europe
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