Eventim Wants Easier Access To Cash

German ticketing giant CTS Eventim plans to protect its independent status and make it easier to raise cash by switching from a stock corporation to a partnership limited by shares.

Photo: eventim.com

The proposals will go to the company’s annual general meeting May 8.

“It is not about making it easier for us to raise money in capital markets but more about protecting our long-term strategy and to stay independent,” Eventim investor relations director Marco Haeckermann told Pollstar. “We will double the number of outstanding shares from the currently 48 million to 96 million. But instead of selling these new shares to investors we will use our own capital reserves,” he explained, pointing out that the plan is to keep away from outside investors that might “dilute our focus on ticketing and live entertainment going forward.”

In a bid to get a prompt resolution, Eventim’s management board has prepared a detailed conversion report available to shareholders.

Eventim chief and billionaire Klaus-Peter Schulenberg owns about half the shares in the company, a stake that a year ago was valued at about $975 million.