Ashurst advised Joh. Berenberg, Gossler & Co. KG (Berenberg) on the successful capital increase by way of a rights issue of SNP Schneider-Neureither & Partner AG (SNP), raising gross proceeds of approximately €18.7 million.
A total of 1,127,984 new shares were issued in the capital increase. The subscription ratio amounted to 90.6%. The remaining new shares which were not subscribed for in the rights offering were placed in the private placement with SN Assets GmbH, a company controlled by SNP's CEO and main shareholder, Dr Andreas Schneider-Neureither in accordance with an investment agreement.
The net proceeds from the capital increase will be mainly used to improve SNP's liquidity, reduce its level of net debt, increase its financial flexibility and to finance its international growth strategy and inorganic development.
The Ashurst team was led by corporate finance partner Matthias von Oppen, assisted by senior associate Dr Ian M. Maywald and associate Joanna Wilczynska-Gluch (all corporate finance, Frankfurt). Counsel Dr Gerrit Clasen (corporate finance, Frankfurt) advised on stock corporation law and Senior Associate François Heynike on IT/IP law matters.
SNP helps companies to consolidate their IT landscapes and to adapt to new general conditions quickly and economically. In 2017, SNP generated revenues of approximately €122 million with more than 1,300 employees worldwide. SNP's shares are listed in the Prime Standard of the Frankfurt Stock Exchange.
