Jens Alder abandonará la presidencia de Swiss Steel a lo largo del año
Published: Monday, Apr 29th 2024, 08:10
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The ailing steelmaker Swiss Steel has announced the nominations for the election of the Board of Directors at the upcoming Annual General Meeting. The current Chairman of the Board of Directors, Jens Alder, is to be replaced by Martin Lindqvist in the course of the year.
Specifically, Alexander Gut, Karl Haider and Martin Lindqvist have been nominated by the Board of Directors as new members of the Supervisory Board, as Swiss Steel announced on Monday. While Lindqvist and Haider are to join the Board of Directors as independent representatives, Gut represents the majority shareholder BigPoint, which is backed by Amag owner Martin Haefner. Emese Weissenbacher will not be standing for re-election at the Annual General Meeting on May 23.
The current Chairman of the Board of Directors, Jens Alder, who has headed Swisscom for many years, will initially be put forward for re-election. However, his term of office will be limited until Martin Lindqvist joins the Board of Directors. According to the press release, Martin Lindqvist will join the Board of Directors on October 1 at the latest.
Lindqvist has more than 25 years of experience in the steel industry. He had resigned as President and CEO of the Swedish steel group SSAB. Prior to his many years at SSAB, he held key positions at NCC and Outokumpu Copper Strip.
Alexander Gut is Managing Partner of Gut Corporate Finance. According to the press release, the financial expert has experience from numerous board mandates. Karl Haider, on the other hand, is currently CEO of Semperit Holding AG in Austria.
Reverse stock split to make shares more attractive
The Board of Directors is also proposing a reverse stock split at a ratio of 200:1 to the Annual General Meeting. The previous 200 shares will therefore become just one share after the consolidation. The nominal value per share will thus increase from CHF 0.08 today to CHF 16, as the company explains further
The merger is intended to make Swiss Steel's shares "more attractive to a broader group of investors", the company explains. The measure has no impact on the value of the company or the value of the shares held by the shareholders.
The merger also requires a small ordinary capital increase of CHF 10.32, which the Board of Directors has also proposed. This will make the total share capital divisible by 200. According to the plans, the shares created as part of the capital increase will be subscribed by Steeltec Ltd.
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