United Terra Enterprises PLC held its shareholders’ meeting which resulted in a share capital increase by contribution in kind and the election of the Board of Directors and management.
Ruggell, Liechtenstein, November 10, 2023 – United Terra Enterprises PLC (“UTP” or the “Company”) is pleased to announce that the Company held a General Meeting on October 25, 2023. During the meeting, a capital increase was approved to issue 55,141,818 new Name Shares of the Company (“Shares”). The Shares will be utilized to exchange for shares of Eurybia AG, Switzerland pursuant to contracts for a contribution in kind concluded between registered shareholders of Eurybia AG and UTP. Upon completion of this share exchange, UTP will hold a total of 137,306,639 shares of Eurybia AG, representing 96.8% of the registered shares of Eurybia AG at that date. Following the General Meeting further contracts for a contribution in kind have been signed by shareholders of Eurybia AG. When the implementation of these additional agreements is completed, UTP will hold a total of 139,498,194 shares of Eurybia AG.
The capital increase was based on an expert report of BDO (Liechtenstein) AG and after the completion of the capital increase, the Company will have a share capital of CHF16,476,796.68 divided into 137,306,639 shares.
The Company intends to complete the share exchange for the remaining shareholders who elect to do so through an additional capital increase through the Board of Directors, which was approved at the General Meeting and will take place in the coming weeks.
Additionally, the Board of Directors and management were elected at the General Meeting and details of their election will follow in a subsequent press release.
The Company’s Chairman, Hans-Peter Vogt said: “We are happy with the progress that has been made to date, specifically with the formation of the Company, the appointment of the Board of Directors and management and the high participation rate among the shareholders of Eurybia AG in the share exchange. We note that previously unregistered shares have become registered and take that as a positive sign that more shareholders of Eurybia AG are preparing to participate in the share exchange.”