update software AG: capital increase approved
Ad-hoc release according to §15 WpHG
capital increase/capital increase
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Vienna, Frankfurt, 23 May 2007 +++ At an extraordinary meeting held today, the supervisory board of update software AG approved the management board’s resolution, based on the authorisation vested in it at the company’s ordinary shareholders’ meeting on 2 June 2005, to partly utilise the authorised capital to increase the company’s share capital to up to EUR 11,402,818.00 by issuing up to 1,035,000 no-par bearer shares in exchange for cash contributions of up to EUR 1,035,000.00. The issue price per share is EUR 4.30. The shareholders’ subscription right has not been excluded. The remaining new shares will be subscribed by update’s biggest shareholder, Qino Asset Management & Advisory AG, and a further institutional financial investor. The proceeeds will be used to refinance ORGAPLAN Software GmbH, which was acquired in April 2007.
In addition, Hans Strack-Zimmermann, deputy chairman of the supervisory board and a shareholder of the company, stated that he would exercise his subscription rights in this capital increase.
For further information please contact Ms. Monika Fiala, CFO & Investor Relations, phone: +43 1 878 55 - 0, fax: +43 1 878 55 - 505; e-mail: investor.relations@update.com
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This is a translation from German into English.
