Subscription rights issues no longer trigger prospectus requirement (in German)

Following a very constructive dialog, the German Federal Financial Supervisory Authority (BaFin) is changing its practice with regard to so-called oversubscription for rights issues of up to eight million euros. Existing shareholders can thus subscribe to additional shares from the capital increase in addition to their subscription rights solely on the basis of a securities information sheet (oversubscription); brokerage by an investment services company in compliance with individual investment thresholds or, alternatively, publication of a prospectus are not required.