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Vote Result on the Exit Offer to Companists Now Available

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Dear Companists,

The result of the vote on the exit offer by Lake of Constance Ventures GmbH is now available.

LoC Ventures GmbH had provided the Companists of Companisto (who hold Companisto shares worth 100,000 euros) with an offer to purchase their shares for a total of 200,000 euros. If 75 % of the votes cast had been in favor of the offer, the Companists would have achieved a 100 % return within approximately two years.

 

Companists Vote against an Exit

Of the Companists who participated in the vote, 31.89 % voted for the offer, and the other 68.11 % voted against it. Consequently, the offer was rejected, and Companists will keep their shares in Companisto.

The entire process up to the vote was also very exciting for us because this was the first such vote. It was apparent that many people were interested in the vote and willing to participate. At 73.18 %, voter turnout reached a very high level. Moreover, it was exciting to watch the Companists' lively discussion in the investor relations section during the entire voting period.

 Voter Turnout for the Exit Vote

 

Votes by Large and Small Investors Show No Difference

In order for the offer to be accepted, 75 % of the votes cast would have needed to be in favor of it; users had one vote for each 5 euros of their investment. Interestingly, the percentage of votes against the offer (68.11 %) was almost the same as the percentage of Companists who voted against the offer (65.06 %). This means that those Companists who hold larger numbers of shares voted almost in the same way as those holding smaller numbers of shares.

 

Left Figure: Percentage of Votes by Shares | Right Figure: Percentage of Votes by Companists

 

Pooling Has Proven to Be Helpful

In addition, Companists were asked to vote whether they would be interested in selling their shares individually (regardless of a 75 % majority). Of the Companists who voted, 15.35 % were interested in such a sale. However, as the large investor wanted to invest only significant amounts, purchasing such a small share from only 15.35 % of the Companists was no option. This was due to the fact that the administrative burden and the costs of purchasing such a small share would have been as high as those of purchasing all shares for 200,000 euros. Therefore, the purchase of such a small amount of individual shares would not have been economically sensible and was thus not made.

 

Conclusion

The vote result is unambiguous. We consider this result a vote of confidence by the Companists and are looking forward to the future together with our Companists. The technology used for the vote has also proven to be effective, and we have started talks about additional exit offers concerning other start-ups.

We are truly happy that our Companists will keep supporting us for many more years.



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Please note
The acquisition of this asset involves considerable risks and can lead to the complete loss of the assets used.

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Source: Own research. Based on data from the German Private Equity and Venture Capital Association - BVK, among others.
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