This time, the efforts of its major shareholder, Johan Eliasch, may finally pay off, after repeated conditional tender offers for the shares held in Head by other investors. The company announced on Oct. 9 an unconditional offer to buy back its shares by Oct. 31 at the latest at a unit price of €1.60, representing a premium of 23 percent over the closing price on the previous day, and stressed that this offer will not be extended, as it did before, or amended.
At the same time, Head reported that the Vienna Stock Exchange (VSE) has informed it that its listing will be withdrawn unless it increases its registered share capital before the end of this year. For this purpose, Head is calling a general shareholders' meeting to be held on Dec. 3 in Amsterdam to vote on a resolution to raise the capital by drawing on the company's own reserves.
Head stresses that it is making its share buyback offer irrespective of the VSE's future actions. “Any shareholder that decides not to sell at this point should realize that there may be no trading platform and therefore nearly no selling opportunity in the future,” the company said. Head will publish the number of declarations of acceptance on its website on Nov. 5 and proceed with their payment on Nov. 7.
