Constantin Media looking to raise millions
CEO Bernhard Burgener, board members buying sharesCOLOGNE, Germany -- Constantin Medien, formerly EM Sport Media, on Wednesday announced details of a share issue that aims to raise about €14.3 million ($18.6 million) and will increase the company's total subscribed capital by 9% to $111 million.
The subscription period for the new issue begins Friday and runs through May 7. The new shares are being sold at $2.60 each, or about 12% below Constantin Medien's current share price.
Constantin Medien shareholders will have first crack at the new shares.
CEO Bernhard Burgener and supervisory board members Erwin Conradi and Dieter Hahn, all significant shareholders in the company, have said they will take full advantage of this and will together buy up 2.4 million new shares, or about a third of the total issue.