ADVA Optical Networking (German Neuer Markt: ADV), a global provider of optical networking solutions, announced it has raised funding from one of its largest shareholders, the EGORA-Group of Munich, Germany, through a capital increase.
The management and supervisory boards of ADVA resolved to increase the share capital of the company from approved capital in an amount of 1,076,923 shares against a total cash contribution of EUR 7 million on June 22 and 23, 2001. Preemption rights of current shareholders were excluded according to German Stock Corporation Law. All newly issued shares were subscribed for by the EGORA-Group. The price for the new shares was set at EUR 6.50.
The exclusion of shareholders' preemption rights was perceived necessary by the company given current equity market conditions. Through this capital increase, ADVA's number of shares outstanding increased from 32,059,845 to 33,136,768. Free float currently totals 36.6 percent, the EGORA-Group holds 35.6 percent, and JDS Uniphase holds the remaining 27.8 percent.
About ADVA:
ADVA Optical Networking provides optical networking solutions for the deployment, management, and delivery of high-speed services within the metropolitan area and enterprise markets. For more information, visit www.advaoptical.com.