German real estate company Magnat has completed its upgrade to the regulated market segment. According to the company announcement, all 52,850,000 bearer shares were admitted to the General Standard at the Frankfurt Stock Exchange, with trading starting on 31 October 2007. The prospectus was approved by BaFin - the German Federal Financial Supervisory Authority on 29 October 2007. No public offer of shares in the context of this segment change was made.
German real estate company Magnat has completed its upgrade to the regulated market segment. According to the company announcement, all 52,850,000 bearer shares were admitted to the General Standard at the Frankfurt Stock Exchange, with trading starting on 31 October 2007. The prospectus was approved by BaFin - the German Federal Financial Supervisory Authority on 29 October 2007. No public offer of shares in the context of this segment change was made.
Since its listing in July 2006, Magnat has traded in the less regulated Open Market ('Freiverkehr'). The segment change requires Magnat to meet the rigorous, EU-uniform transparency requirements of the regulated market and the company expects the move to increase the attractiveness of the Magnat stock.
Jan Oliver Ruester, CEO of Magnat, commented: 'We are glad about the successful segment change, as our next step consistent with Magnat's story at the public markets and the successful operational growth of the company. After having already complied on a voluntary basis with several of the reporting and transparency requirements of the regulated market since our listing in July 2006, we will now have to adhere to the strict requirements of the regulated market. By that, we meet the request of our shareholders and, at the same time, will be open to a wide range of investors, as many investors due to their investment regulations invest only in shares that are traded in a regulated market. We therefore expect to further attract particularly institutional and international investors. It should also have a positive effect on liquidity and result in increased trading volumes in the Magnat stock.'