DGAP-News: Weng Fine Art AG / Key word(s): Capital Increase/Miscellaneous

2015-11-17 / 09:00

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PRESS RELEASE | 17 NOVEMBER 2015

E-commerce subsidiary of Weng Fine Art AG completes additional capital increase

WFA Online AG has created the foundation for an expansion of its shareholder-base: A third capital increase of the e-commerce subsidiary of Weng Fine Art AG, based in Zug / Switzerland, accrued additional capital to the amount of CHF 760,000. Moreover, an adaptation of the Articles of Association was made.
 
Through these measures, the Company now has a share capital of CHF 3.6 million, which is divided into 5 million voting shares A and 2.5 million ordinary shares B. All class A-shares and about 85 percent of the class B-shares are owned by Weng Fine Art AG. The art trading company listed on the Frankfurt Stock Exchange is thinking about opening up its successful start-up to external shareholders. "WFA Online AG represents both a high-margin, but also scalable business model. If we continue to meet our expectations, we may well imagine to offer a part of the B-shares in 2016/17 to the public," summarizes Rüdiger K. Weng, CEO of Weng Fine Art AG.
 
WFA Online AG was set up in July 2014. It launched its e-commerce platform www.wengcontemporary.com in May 2015, offering original prints and sculptural editions from over 50 leading contemporary artists - including Gerhard Richter, Damien Hirst, Andy Warhol, Robert Longo, Alex Katz, and Yves Klein.
 
Furthermore, the parent company, Weng Fine Art AG, increased in November its treasury stock to 150,000 shares and finalized its current buyback program. The company took advantage of the lower market price of the share, which had resulted from the sale of a large stake by a single shareholder.
ABOUT WENG FINE ART AG

Weng Fine Art AG (www.wengfineart.com), with subsidiaries in Germany and Switzerland, is a leading internationally operating art dealing and art service company. The founder-led company combines a long-term expertise in the art market with economic know-how. Other factors of success are the large inventory of artworks of the 20 and 21st century as well as the access to attractive funding. In addition to the traditional art dealing activities the company targets a leading role in the art e-commerce. Market know-how, the lack of competition and the comprehensive company-owned stock of high quality artworks will be the key to success of WFA Online AG in this segment. The shares of Weng Fine Art AG are listed in the Entry Standard of the Frankfurt stock exchange.

CONTACT

Weng Fine Art AG
Rüdiger K. Weng, CEO
Kimplerstrasse 294 | 47807 Krefeld | Germany
Phone +49 (0)2151 93713-0 | Fax +49 (0)2151 93713-29 E-mail rkweng@wengfineart.com



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2015-11-17 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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Language: English Company: Weng Fine Art AG Kimplerstraße 294 47807 Krefeld Germany Phone: 02151 937130 Fax: 02151 93713-29 E-mail: art@wengfineart.com Internet: www.wengfineart.com ISIN: DE0005181606 WKN: 518160 Listed: Regulated Unofficial Market in Berlin; Open Market (Entry Standard) in Frankfurt  
 
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