MIFA: Delisting From Stock Exchange and New Name
SANGERHAUSEN, Germany – MIFA insolvency administrator Lucas Flöther is preparing the former German bicycle producer Mitteldeutsche Fahradwerke AG for the future under new leadership. This includes delisting the company from the Frankfurt Stock Exchange.
Mid December MIFA was acquired by the von Nathusius family. This family of entrepreneurs is also sole shareholder of German car component make IFA Rotorion Holding GmbH.
According to a press release published last Friday, Flöther asked for a delisting of MIFA from both the Prime Standard as well as the General Standard markets of the Frankfurt Stock Exchange. MIFA’s delisting from Frankfurt Stock Exchange should be effective from 29 July 2015.
IPO in 2004
This means MIFA will leave the Frankfurt Stock Exchange after celebrating its IPO in 2004. Today the Sangerhausen-based company is the last public-traded German bicycle producer. Competitor Derby Cycle left the Frankfurt Stock Exchange already at end of 2012 after the acquisition by Pon Holdings.
MIFA’s listing went down-hill to a 52 week low of 0.13 euro after the company asked for insolvency in September 2014. They somehow recovered and are now, at the time of writing on 0.25 Euro. Nevertheless this is still a 96.4 percent drop compared with last year’s 52 week high of 6.88 euro.
Besides MIFA’s delisting, Lucas Flöther also cancelled the existing MIFA bond listed at the Entry Standard market of the Frankfurt Stock Exchange. Termination will take effect from February 26, 2015. According to the MIFA report on DGAP.de it is planned to include this bond on the “quotation board” of the open market at the Frankfurt Stock Exchange. Trading should start on 27 February 2015.
New company name
The restart of MIFA includes a new name for the company formerly known as Mitteldeutsche Fahradwerke AG. According to a report on the German news website MDR the bicycle factory will now be called: Mifa-Bike-Gesellschaft mbH.
The new owner Heinrich von Nathusius will take over the daily business at MIFA at the end of this month. According to MDR Von Nathusius said that, “The factory is currently at full production. Until the end of May we expect a production of 400,000 units, about three quarter of the annual production. We expect to generate a turnover of 100 million euro in 2015 and a small profit.”