Micronas aims to create authorized capital for further growth (0325)
The Micronas Group plans to create authorized share capital with a par value of up to CHF 8.1 million. This step will enable a capital increase to be carried out in the next two years. The aim is to increase the Group's strategic flexibility. An Extraordinary Shareholders' Meeting is being called for 20 November 2003.
"Over the years the Micronas Group has developed in a very positive way and is currently enjoying buoyant demand in its end-markets. To sustain our market success in the long term, we have to grow. That is why, in the interests of our shareholders, we aim to give ourselves the means of taking timely action to seize investment opportunities in the semiconductor industry," argued Board Chairman, Dr Franz Betschon, at a media conference in Zurich today.
The Board of Directors of Micronas is proposing to the Extraordinary Shareholders' Meeting, called for 20 November 2003, to create an authorized share capital of up to CHF 8.1 million through the issue of a maximum of 8,100,000 fully paid-up registered shares with a par value of CHF 1.- each. This will enable the Board of Directors to issue these shares at some point in the next two years when it considers the market conditions to be favourable.
To achieve sustained market success in the long term, it is crucial that Micronas continuously extend its know-how base and the spectrum of available technologies in promising market segments. In addition to organic growth, it is vital to this ambition that the Group be in a position to take advantage of acquisition opportunities. Micronas has long been evaluating potential targets, above all in markets outside Europe. However, there are no ongoing negotiations relating to specific objects.
To increase the Group's strategic flexibility and bring the balance sheet structure into line with that of its major competitors, Micronas is also considering stocking up its liquid resources and early repayment of bank loans.
About Micronas
The Micronas Group is a leading independent supplier of innovative application-specific semiconductor solutions for multimedia, consumer and automotive electronics. Its shares are listed on the SWX Swiss Exchange and on the Prime Standard segment (TecDax) in Frankfurt.
Zurich, 30 October 2003, Micronas Semiconductor Holding AG