Lloyd Fonds AG (XTRA:L1OA) agreed to acquire 90% stake in SPSW Capital GmbH from Dewb Effecten GmbH I. Gr. and other shareholders for €48.5 million on April 25, 2019. The consideration shall be payable by the issue of new 1.5 million shares at €6 per share and a cash payment of €40.281 million. In order to use the share capital an Annual General Meeting will be planned on June 12, 2019, and will require approval of atleast 75% of the share capital holders. The purchase price in cash will be paid over seven years. In a related transaction Llyod will have an option to acquire remaining 10% of the shares in SPSW after four years atleast at the earliest. With the mutual consent of both the Supervisory Board and Management Board, Henning Soltau and Achim Plate will resign from their offices as members of the Llyod`s Supervisory Board, effective as of the date on which the completion of the Capital Increase Against Contributions in Kind is registered in the commercial register for the Llyod. Achim Plate is then set to be appointed by the Supervisory Board as a member of the Llyod`s Management Board and elected Chairperson of the Management Board, effective as of the Registration Date and as Chief Executive Officer of Llyod. As on October 2, 2019, Achim Plate was made the CEO of Lloyds. The appointment to the Management Board will be for a period of four years. Together with the existing managing directors of SPSW Capital GmbH, Henning Soltau, Robert Suckel and Markus Wedel, he will also continue to be jointly responsible for the management of the SPSW funds. Management Board and the Supervisory Board will also be asking the shareholders to pass a resolution to change Lloyd Fonds AG’s name to Lloyd Capital AG. The transaction is subject to opinion on the value of the non-cash contribution by an independent expert appointed by the court. The transaction is also subject to approval by BaFin and an prospectus must be issued and approved by BaFin for executing cash capital increase and placement of cash capital increase. As on June 12, 2019, the transaction was approved by the shareholders of Lloyds. As on October 2, 2019, Lloyd Fonds received approval from BaFin. The transaction is still pending due to the capital increase to be made as part of the consideration. The capital increase will be issued through a public offer with a prospectus. The prospectus has already been submitted to BaFin for approval. Assuming all conditions are met, the transaction is expected to close in second half of 2019.