- Over 99.5% of shares already submitted for exchange
- Recording of the contribution in kind in the Commercial Register expected for February
- Stock exchange listing effective immediately for OTI Greentech AG
- Move creates a high-growth cleantech specialist with revenue exceeding EUR 20 million
Starting today, the Düsseldorf stock exchange listings will feature a new name: OTI Greentech AG. The name change from the former IP Strategy AG to OTI Greentech AG has now been entered in the Commercial Register, completing the first step in the Company’s realignment as planned.
The next step will be to incorporate the entire operating business of the existing Swiss OTI Greentech Group AG into the Company. For this purpose, the shareholders of Swiss OTI Greentech Group AG have already submitted over 99.5 percent of the shares to the trustee for exchange. The capital increase against contributions in kind is expected to be recorded in the Commercial Register as early as February 2015. The share capital of OTI Greentech AG will then be around EUR 22.1 million, divided into an equal number of no-par value shares.
Once these steps have been implemented, the annual revenue of the listed OTI Greentech AG will exceed EUR 20 million. This revenue is generated by the core business of Swiss OTI Greentech Group AG and the recently acquired Norwegian company Visionaire Energy AS, in which Swiss OTI Greentech Group AG currently holds a 51 percent equity interest. Consolidated figures for 2014 are expected to be published in April 2015. The Company is planning further profitable organic and inorganic growth in the cleantech sector over the next few years. By 2016, analysts expect to see revenue growth of more than 50 percent and a net margin of around 10 percent.
Joseph Armstrong, member of the Management Board of OTI Greentech AG: “The reverse merger creates a listed cleantech company that offers sustainable solutions in the oil and marine sector, and thus operates in an attractive and promising market. Our intention is to complete the entire contribution process in February. As a listed company, dialog with the capital markets will be very important for us in the context of our growth strategy.