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• 2011

S&T Shareholders Approve Capital Increase

Recapitalization authorized in today’s Extraordinary General Meeting

• Capital increase approved
• Core shareholders should maintain about 69% of the shares
• New Supervisory Board

The resolutions which were passed authorize a capital increase based on the issuing of 8 million shares to Quanmax AG and grosso holding Gesellschaft mbH excluding the subscription rights of shareholders, as well as the creation of authorized capital amounting to 5.8 million shares. All 8 million new no-par value bearer shares will comprise the issued capital together with the existing no-par value bearer shares. The reorganization of the capital structure will involve an increase in the issued capital. As a result, cash funds of EUR 16 million will be made available to S&T. Following the implementation of the capital increase, the new core shareholders will hold a total of 69% of the shares.

The approved capital increase can only be carried out and the related debt relief package developed by the financing banks and business partners finalized once the remaining terms and conditions are fulfilled, in particular the approval of the Austrian Monopolies and Mergers Commission as well as the granting of a restructuring privilege by the Austrian Takeover Commission.

New Supervisory Board

After the capital increase is implemented, the Supervisory Board will consist of four members: Erhard F. Grossnigg, Thomas Hoffmann, Werner Straubinger and Rudolf Wieczorek. They will replace the previous shareholder representatives Viktoria Kickinger, Wilhelm Rasinger and Johannes Schwaiger. Effective at the time of the capital increase, Martin Bergler will resign his position as a member of the Management Board, but will continue to be available to serve the company in an advisory capacity.

The sustainable financial restructuring of S&T is only one of the advantages of the approved capital increase. Synergies are expected to arise between Quanmax and S&T, which should in particular help stimulate the profitable business in Eastern Europe.