The stock market operator MCH can start the planned renovation. At the Extraordinary General Meeting, shareholders approved both the capital increases and the entry of James Murdoch, son of media magnate Rupert Murdoch, as anchor shareholder. “Today we got a good financial base that we urgently needed,” said MCH Chairman of the Board of Directors Ueli Vischer.
Accordingly, Murdoch’s Lupa Systems company can now acquire a stake of up to 49 percent with no obligation of public offer, a statement said Friday. In addition, the capital could be increased in two tranches by a maximum of 104.5 million francs.
New shares available until December 4th
The subscription period for the first tranche will run from November 30 to December 4, 2020. The capital is to be increased by 20 million francs nominal by issuing 2 million new shares at an issue price of 15 francs each, while retaining the shareholders’ subscription right. . One subscription right will be granted for each share held on November 27 after the close of trading, three subscription rights entitling the holder to purchase one new MCH share. Although the rights are transferable, they cannot be traded on the exchange. The canton of Basel-Stadt will exercise all subscription rights in the first tranche.
The terms of the second tranche will be announced on December 7. “We will implement the capital increases this year,” Ulrich Vischer, Chairman of the Board of Directors, announced in the announcement. In addition to the capital increases, the non-operational building at Isteinerstrasse 80 and 82 will also be sold in the course of 2021.
Innovations in the board of directors and management
In addition to the package of measures for the renovation, the shareholders voted for innovations in the Board of Directors. James Murdoch, Jeffrey Palker and Eleni Lionaki were elected as new members. You take up the mandate after the capital increases have been completed. Balz Hösli will represent the interests of the canton and the city of Zurich in the future and city councilor André Odermatt will step down.
There are also changes in top management. Current CFO Beat Zwahlen will leave the company. Until a new CFO is found, he will remain in his position so that an orderly succession can take place.