Ad hoc announcement
Notice to All Bondholders of Huber Automotive AG Bond – ISIN: DE000A2TR430
The Huber Automotive AG announces that it is proposed to the holders of its issued bond (ISIN: DE000A2TR430) that, by resolution of the creditors, they approve an interest deferral until maturity, a waiver of 50% of the repayment claims, and a corresponding performance certificate up to 50% after maturity in the event of positive earnings.
The reason for this is that the company continues to be affected by the current overall economically difficult situation as well as by buyers’ reluctance regarding electric vehicles. Based on the current order volume, the company is not profitable and is dependent on the provision of funds from external sources. The issuer also announces that the revenue for the fiscal year 2023/2024, according to the preliminary figures (before audit), amounted to approximately EUR 38,887 thousand, which is about 58% lower than the previous year’s revenue.
It is intended to achieve the necessary financial stability and profitability of the company through the following measures:
- In the event that the bondholders declare a waiver with a performance certificate, the majority owner is prepared to assume liabilities from deliveries and services in the amount of EUR 5-10 million in exchange for a long-term, interest-free loan with subordination between him and the company, in order to convert these due liabilities into long-term subordinated loan liabilities.
- Furthermore, if additional balance sheet losses arise in the future, the majority owner undertakes, beyond the subordination, to grant a waiver with a performance certificate for his loan claims.
- Additionally, a (partial) sale of activated projects is being pursued and/or the entry of a suitable investor is planned in order to cover the future liquidity needs.
- The bondholders are to waive 50% of the repayment claim under the bond in accordance with the proposed resolution. All outstanding and future accrued interest shall be deferred until maturity, whereby interest will accrue on the remaining claim only from 16 April 2025. At the same time, a performance certificate with a revival of the claims is granted, provided that the issuer declares a net balance sheet profit (excluding extraordinary events) of more than EUR 1 million in the years 2027 to 2037. In addition, compensation for the interest loss shall be granted.
A vote by written resolution without a meeting in accordance with § 18 SchVG will be invited on Friday, 21 March 2025 via the Federal Gazette and on the website. The written voting will be available from 7 April 2025 until 9 April 2025. The necessary documents for voting rights submission can be sent to the voting manager accurately on the dates between 7 April 2025 and 9 April 2025 by post, fax, or e-mail.
Dr. Karl-Thomas Stopp
Voting Manager
Mock Partnerschaft von Rechtsanwälten mbB
Uhlandstr. 6, 10623 Berlin
Fax: +49 (0) 30 210 21-111
E-Mail: abstimmungsleiter@mock-rechtsanwaelte.de
Should the required quorum not be reached in this vote, the company will ensure that a (second) physical meeting is convened at short notice.
If you are not yet registered in the Investor Relations database, please provide your contact details via email at investor-relations@huber-group.com.
Huber Automotive AG
Investor Relations
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Contact person IR/PR:
Torsten Biallas
b-communication
Tel: +49 172 4229605
Email: t.biallas@b-communication.de
Thursday, 20.03.2025
Corporate News
Notice to All Bondholders of Huber Automotive AG Bond – ISIN: DE000A2TR430
Mühlhausen, November 20, 2024. Huber Automotive AG provides information regarding the upcoming payment date of the coupon for the up to EUR 25,000,000.00 6.00% bearer bonds of Huber Automotive AG (ISIN: DE000A2TR430 / WKN: A2TR43). All legal requirements have now been fulfilled to implement the resolution passed at the bondholders’ meeting on May 3, 2024.
All documents required for the implementation of the May 3, 2024 resolution are available.
The funds for the coupon payment have been deposited with the paying agent. The payment through Clearstream to the custodial banks will take place in the coming days.
Important Information on the Coupon Payment
- Interest Period: The interest due (coupon payment) covers the interest period up to April 15, 2024.
- Interest Rate: The coupon interest rate is 6.00% p.a. on the outstanding principal amount.
- Penalty Interest: The penalty interest amounts to 5.00% p.a. on the outstanding coupon amount. This will be settled separately at the end of November 2024.
- Extension: The bond’s term has been extended until April 16, 2027. With the extension, an increased interest rate of 7.5% p.a. will apply starting April 16, 2024.
We regret the delay in the implementation of the resolution and the payment of the due coupon, and we thank you for your patience.
With the extension of the bond and the resolution of all legal matters, we have created the basis and opportunity for a turnaround. We hope to generate added value for all parties involved.
If you are not yet registered in the Investor Relations database, please provide your contact details via email at investor-relations@huber-group.com.
Huber Automotive AG
Investor Relations
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Contact person IR/PR:
Torsten Biallas
b-communication
Tel: +49 172 4229605
Email: t.biallas@b-communication.de
Wednesday, 20.11.2024
Corporate News
Notification to all bondholders of Huber Automotive AG Bond – ISIN: DE000A2TR430
On June 7, 2024, Feros AG filed an action for annulment against the resolution passed at the bondholders’ meeting of the issuer on May 3, 2024.
Subsequently, on July 9, 2024, Huber Automotive AG filed a release procedure with the Higher Regional Court of Stuttgart (OLG Stuttgart), with the oral hearing scheduled for September 20, 2024.
Through the involvement of SdK e.V., initial direct contact between the parties was facilitated, leading to a settlement on September 19, 2024. The settlement contains the following key points:
Feros AG withdraws the annulment action, and Huber Automotive AG withdraws the release application.
In addition, the issuer commits to publishing all unpublished annual financial statements as soon as the auditors have issued a certification in the form of an unqualified opinion or an adverse opinion, and once the respective financial statement has been approved.
This clears the way for the resolution to extend the bond maturity to April 16, 2027, to be declared legally binding.
Once the new bond terms become legally binding, they will be forwarded to central depositories such as Clearstream, which will handle the processing of the adjustments in their systems.
The depositories will then inform the custodian banks, who will update the bondholders’ custody accounts with the revised terms. Financial platforms and stock exchange portals will receive the new data from the depositories and will update their systems promptly, ensuring that the updated bond information is publicly accessible.
We expect this process to be completed in October, and there will be no further obstacles to a coupon payment.
If you are not yet registered in the Investor Relations database, you may send us your contact details via email at investor-relations@huber-group.com.
The Board of Directors
Huber Automotive AG
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Contact person IR/PR:
Torsten Biallas
b-communication
Tel: +49 172 4229605
Email: t.biallas@b-communication.de
Tuesday, 24.09.2024
Corporate News
Notification to all bondholders of Huber Automotive AG Bond – ISIN: DE000A2TR430
On May 3, 2024, during a second bondholders’ meeting, a resolution was passed to extend the bond of Huber Automotive AG (ISIN: DE000A2TR430). With the publication of the resolution in the Federal Gazette, a one-month contestation period began, which ended on June 7, 2024.
On the last day of this period,
Feros Beteiligungen AG, Hedwig-Dransfeld-Weg 5, 33154 Salzkotten, represented by the Board Christian Werner (plaintiff)
filed a lawsuit against
Huber Automotive AG, 73347 Mühlhausen
providing evidence of ownership of a bond with a nominal value of EUR 1,000, challenging the “nullity and contestation of resolutions of the bondholders’ meeting on May 3, 2024.”
As previously informed, the lawsuit has since been served to us, and our legal counsel has submitted an application for release in expedited proceedings to the Stuttgart Higher Regional Court. Huber Automotive AG remains confident that the application for release will be successful as the lawsuit is obviously unfounded.
The Stuttgart Higher Regional Court has scheduled the oral hearing for the release procedure for September 20, 2024. We expect a prompt decision on the release application thereafter.
In parallel to the release procedure, Huber Automotive AG is examining potential claims for damages against Feros Beteiligungen AG and its board member Mr. Christian Werner personally, for compensation of delay damages caused by the unfounded contestation lawsuit.
We thank you for your patience and trust.
To receive regular updates, please subscribe to our bond email update distribution list.
Contact person IR/PR:
Torsten Biallas
b-communication
Tel: +49 172 4229605
Email: t.biallas@b-communication.de
Wednesday, 24.07.2024
Corporate News
Notification to All Bondholders of Huber Automotive AG Bond – ISIN: DE000A2TR430
As previously announced,
Feros Beteiligungen AG, Hedwig-Dransfeld-Weg 5, 33154 Salzkotten, represented by the board member Christian Werner (Plaintiff),
against
Huber Automotive AG, 73347 Mühlhausen
has filed a lawsuit proving ownership of a bond with a nominal value of EUR 1,000 concerning “Contestation and Nullity of Resolutions of the Bondholders’ Meeting on 03.05.2024.”
The preliminary dispute value set by the court is EUR 1,000.
We have now received this lawsuit. Consequently, our legal representative has filed an application for release in summary proceedings at the Stuttgart Higher Regional Court.
Huber Automotive AG remains confident that the release application will be successful, as the lawsuit is obviously unfounded.
As previously communicated, the execution of the resolution on the extension is a prerequisite for the resumption of bond trading and the payment of interest and default interest.
We thank you for your patience and trust.
To receive regular updates, please subscribe to our bond email update distribution list.
Contact person IR/PR:
Torsten Biallas
b-communication
Tel: +49 172 4229605
Email: t.biallas@b-communication.de
Monday, 15.07.2024
Corporate News
Notice to all Bondholders of Huber Automotive AG Bond – ISIN: DE000A2TR430
On May 3, 2024, a resolution to extend the bond of Huber Automotive AG (ISIN: DE000A2TR430) was passed during a second bondholder meeting. With the publication of the resolution in the Federal Gazette, a one-month contestation period began, ending on June 7, 2024.
On the last day of this period,
Feros Beteiligungen AG, Hedwig-Dransfeld-Weg 5, 33154 Salzkotten, represented by the Board Member Christian Werner (plaintiff),
filed a lawsuit against
Huber Automotive AG, 73347 Mühlhausen,
providing proof of ownership of a bond with a nominal value of 1,000 EUR, contesting the “nullity and voidness of the resolutions of the bondholder meeting on 03.05.2024.”
The preliminary dispute value set by the court amounts to 1,000 EUR.
Huber Automotive AG, through its legal representative, has notified the court of its defense and will also file a release application. This so-called release procedure is an expedited process in which the competent Stuttgart Higher Regional Court, pursuant to Section 20 (3) Sentence 3 of the Bond Act in conjunction with Section 246a of the Stock Corporation Act, determines that the filing of the lawsuit does not preclude the implementation of the contested resolution. Huber Automotive AG expects the release application to be successful, as the lawsuit is evidently unfounded and, regardless, the implementation of the bondholder meeting’s resolution appears to be of higher priority since the disadvantages for Huber Automotive AG and the other bondholders from non-implementation of the resolution significantly outweigh the plaintiff’s disadvantages from its implementation. The release decision should, according to legal regulations, be issued no later than three months after the application is submitted, though in practice, this period is often met and frequently shortened. In the case of a positive release decision, the resolution will be promptly executed thereafter. This execution remains effective and binding even if, at a later date, the plaintiff unexpectedly prevails against Huber Automotive AG in the contestation procedure.
If the plaintiff withdraws the contestation lawsuit, the resolution can be executed immediately. In this case, a release procedure would no longer be necessary, as a positive release decision would no longer be required for the execution.
The execution of the extension is a prerequisite for interest payments including default interest and the resumption of bond trading.
We are happy to offer you regular email updates. Please subscribe to our bond update email list.
Contact person IR/PR:
Torsten Biallas
b-communication
Tel: +49 172 4229605
Email: t.biallas@b-communication.de
Tuesday, 25.06.2024
Corporate News
Huber Automotive AG: Holders of the bond vote overwhelmingly in favor of the company’s proposal.
Mühlhausen im Täle, May 6, 2024. Huber Automotive AG hereby announces that the holders of the up to EUR 25,000,000.00 6.00% Convertible Bond 2019/2024
(ISIN: DE000A2TR430 / WKN: A2TR43) participated in the second bondholders’ meeting held in accordance with § 18(4) and § 15(3) of the German
Securities Prospectus Act on May 3, 2024, with a quorum of more than 25% of the outstanding bonds. The bondholders voted in favor of the proposal
submitted at TOP 1, as published in the invitation to the second bondholders’ meeting, with EUR 8,087,000 YES votes (representing 86.29% of the valid
votes cast) and EUR 1,285,000 NO votes. The resolution passed includes, among other things, the amendment of the maturity date of the bonds to April
16, 2027, as well as an increase in the interest rate on the bonds to 7.50% p.a. effective from April 16, 2024.
Martin Huber, Chairman of the Board of Directors at Huber Automotive AG: “We would like to express our gratitude for the broad support shown by the
numerous participants among the bondholders.”
Contact person IR/PR:
Torsten Biallas
b-communication
Tel: +49 172 4229605
Email: t.biallas@b-communication.de
Monday, 06.05.2024
Corporate News
The Management Board of Huber Automotive AG (the “Company“) announces with regard to the invitation to vote without a meeting published in the Federal Gazette on 18 March 2024 regarding the up to EUR 25,000. 000 6% bond 2019/2024 (ISIN: DE000A2TR430) issued by the company, that the quorum of 50% of the outstanding bonds (i.e. bonds with a nominal amount of at least EUR 10,230,000) required for a quorum was not met and therefore no resolution was passed by the vote without a meeting pursuant to Section 18 SchVG. According to the findings of the voting manager, an equal number of votes were cast for bonds with a nominal value of EUR 7,412,000. The company will immediately convene a bondholders’ meeting in the form of an in-person meeting, for which a quorum of at least 25% of the outstanding bonds (i.e. bonds with a nominal value of at least EUR 5,115,000) will be sufficient in accordance with Section 15 (3) sentence 3 SchVG.
Contact person IR/PR:
Torsten Biallas
b-communication
Tel: +49 172 4229605
Email: t.biallas@b-communication.de
Tuesday, 09.04.2024
Corporate News
Contrary to possible publications in financial magazines, we would like to inform you that the supplementary request submitted by DMR Legal mandated by the liquidator of the KFM Fund has been withdrawn and no announcement will be made.
Friday, 29.03.2024
Corporate News
Huber Automotive AG convenes 1st vote for bondholders
Mühlhausen im Täle, 18 March 2024 – Huber Automotive AG today published the invitation to vote and the necessary documents for the bondholders’ meeting in the Federal Gazette and on its own website. The company’s Management Board proposes to the bondholders of the 6.00% bearer bonds (ISIN: DE000A2TR430) to extend the bond by three years until 16 April 2027. In return, the bondholders are to receive an increased interest coupon of 7.5% p.a. for the next three years.
The vote will take place without a meeting. The documents required to cast a vote can be sent to the voting manager by post, fax or e-mail within the period from 2 – 4 April 2024.
Dr. Karl-Thomas Stopp
Voting manager
Mock Partnerschaft von Rechtsanwälten mbB
Uhlandstr. 6, 10623 Berlin
Fax: +49 (0) 30 210 21-111
E-Mail: abstimmungsleiter@mock-rechtsanwaelte.de
Montag, 18.03.2024
Ad hoc announcement
Management Board of Huber Automotive AG resolves proposal to extend and adjust the interest rate of the 2019/2024 bond maturing in April 2024
The Management Board of Huber Automotive AG (the “Company“) has decided today to propose to the creditors of the EUR 25,000,000 6% Bond 2019/2024 (ISIN: DE000A2TR430) issued by the Company, which is currently outstanding in the amount of EUR 20,460,000 and due for repayment on 16 April 2024, to extend the maturity and to adjust the interest coupon. The amendment of the bond terms with regard to a later due date for repayment would provide the company with the necessary flexibility and liquidity to initiate the further operational expansion of its business activities and the pre-financing of new orders after a growth phase of several years under challenging conditions in conjunction with newly injected capital. The company will publish the details of the creditors’ resolution separately in accordance with the statutory provisions and on the company’s website. Neither a possible reduction of the future interest coupon nor a suspension of the coupon payment as of 16 April 2024 will be the subject of the company’s initial proposal to amend the terms and conditions of the bond.
Contact person IR/PR:
Torsten Biallas
b-communication
Tel: +49 172 4229605
Email: t.biallas@b-communication.de
Thursday, 29.02.2024