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Accell Buys Winora with New Shares

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HEERENVEEN, Netherlands (December 20) – Dutch Accell Group NV announces that it has issued 290,000 new shares through a private placement. The total number of outstanding shares has, as a result, increased by 9.9% to 3,215,853. The proceeds of the private placement will be used for the acquisition of the German Winora Group. Accell Group […]

HEERENVEEN, Netherlands (December 20) – Dutch Accell Group NV announces that it has issued 290,000 new shares through a private placement. The total number of outstanding shares has, as a result, increased by 9.9% to 3,215,853. The proceeds of the private placement will be used for the acquisition of the German Winora Group.
Accell Group NV with a turnover of € 203.7 million in 2000 and subsidiary companies in The Netherlands, Germany and France, announced end October the take over of the Winora Group from Derby Holding Germany GmbH. The Winora Group sells about 120,000 bicycles per year under the Winora and Staiger brands. The annual turnover of the Sennfeld based company with 125 employees totals around € 45 million. Since the acquisition of Winora, Accell Group NV is the second largest bicycle group in Europe with an estimated annual sales of about 800,000 bicycles (including Winora).
The issue of the new Accell shares has been underwritten by Friesland Bank NV who have predominantly placed the new shares with several institutional investors. The issue price is based on the average share price of Accell 20 days prior to the placement. (JO)

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