DGAP-News: Weng Fine Art AG increases purchasing and investment budget to more than EUR 20 Million
(firmenpresse) - DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous
Weng Fine Art AG increases purchasing and investment budget to more
than EUR 20 Million
04.03.2013 / 08:30
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Weng Fine Art AG increases purchasing and investment budget to more than
EUR 20 million
- Credit facilities expanded by banks to more than EUR 15 million
- Interest charges only 2.50 to 3.75 % p.a.
- WFA an an attractive employer for 'high-flyers' from auction houses and
trade
Weng Fine Art AG (WFA) is expanding its financing base and, following the
successful capital increase in June 2012, is now enlarging its credit
arrangements. All of WFA's financing banks have increased their commitment,
meaning therefore that the art dealing company listed on the Frankfurt
Stock Exchange over a year ago now has access to credit lines of more than
EUR 15 million. Combined with its own funds, this will generate a
purchasing budget of over EUR 20 million. Weng Fine Art is now among the
best funded companies within the continental European art market. The
company currently has a total of seven financial partners from all three
segments of the German banking system (savings banks, cooperative banks and
private banks).
'The confidence that the financing banks have in our work, our business
model and our forward-looking strategy was, and is, one of the most
important reasons for our success,' explained Weng Fine Art CEO, Rüdiger K.
Weng, who also emphasised the fact that all the credit facilities are
structured as unsecured loans. WFA is benefiting not only from its
outstanding track record, but also from its investment grade rating and the
certification by the German Federal Bank of the loans to the company. As a
result, the interest rates to be paid by the company are currently as low
as 2.50 to 3.75 % p.a. (depending on duration).
'We are therefore well placed to accelerate our entry into higher priced
market segments that was initiated last year', recalled Weng, who has all
of the market participants in his sight: 'Obviously we want to expand our
presence at auctions, but on the other hand we will be able to do more
business with art dealers, galleries and collectors. We also wish to
position ourselves as the top partner for the prompt and fair purchase of
quality art items, collections and even entire companies as well'.
Thanks to its financial strength, the company will also benefit from the
planned expansion of skilled employees. 'Companies that not only have a
vision but also the resources to implement it are very rare indeed within
the art market - this makes us a really interesting employer for
'high-flyers' from auction houses and the trade,' explained Weng. As a
result, the company has already been able to welcome three new staff
members during the first few weeks of this year. These individuals have
strengthened the existing WFA team consisting of twelve freelance and
permanent employees, and are now involved in preparations for the spring
season on the international art market which is due to commence soon.
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ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com) is one of the most financially
strong and fastest-growing art dealing companies on the European continent.
The company focuses on works of internationally renowned artists from the
20th century and, in its core business, exclusively supplies commercial
addresses (B2B), beside others, the internationally leading auction houses
as well as galleries and collectors. Furthermore, the expertise and market
positioning gained over more than 18 years serves as a basis for new
business segments such as e-commerce and editions. Weng Fine Art AG shares
are traded on the Frankfurt Stock Exchange (Entry Standard) since 2 January
2012.
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INVESTOR RELATIONS CONTACT DETAILS
Weng Fine Art AG
c/o edicto GmbH, Axel Mühlhaus
Eschersheimer Landstr. 42 | 60322 Frankfurt a.M.
Telefon +49 (0)69 905505-52 | Telefax +49 (0)69 905505-77
E-mail amuehlhaus(at)edicto.de
End of Corporate News
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04.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Weng Fine Art AG
Kimplerstraße 294
47807 Krefeld
Germany
Phone: 02151 937130
Fax: 02151 93713-29
E-mail: art(at)wengfineart.com
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Frankfurt in Open Market (Entry Standard)
End of News DGAP News-Service
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