Home » Economy » Dental Implants manufacturer – Straumann receives 260 million Swiss francs from the sale of own shares News

Dental Implants manufacturer – Straumann receives 260 million Swiss francs from the sale of own shares News

Wednesday, September 6th, 2017 | Economy

On Tuesday, the securities were closed at CHF 617. The company sold around 0.4 million shares, which brought the company CHF 260 million. Buyers are institutional investors. The offer was broadly placed, said CFO Peter Hackel in a telephone conversation with AWP on Wednesday morning. With the sale of the 432,665 shares, which corresponds to 2.7% of the share capital, the company finances the recently announced strategic acquisitions and investments in orthodontics (ClearCorrect) and digital dental medicine (dental wings, RapidShape).
Of the CHF 260 million required for the purchase of ClearCorrect and 30 Mio for DentalWings and RapidShape, Hackel said. The remaining 80 million would be used for the announced investments, including the expansion of the production facility in Switzerland.
At the end of August 2016, the Group had purchased the shares sold at a price of CHF 376.20 per share from a par value of 530 million Swiss shares from the then major shareholder, the GIC state fund of Singapore. GIC reduced its share to 4.39% from 13.79% and in May this year to 0.014%.
Sufficient financial flexibility for acquisitions
The remaining approximately 98 million shares from the GIC package would use Straumann for employee programs, Hackel continued. There is no intention to dispose of them.
However, the Group still had sufficient financial flexibility for acquisitions and investments. If Straumann wants to, the company could be in debt of 500-600 million CHF and "would still have a healthy balance", added the CFO.
"We are satisfied with the result of the placement," says Hackel. This is a very different feeling than in the middle of August, when Straumann wanted to sell 400'000 shares in a likewise accelerated order book procedure. At that time, however, they were not satisfied with the prices offered. "We did not want to accept the discount and therefore withdrew the offer," Hackel now explained.


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