Court reverses injunction imposed on Grammer
- Placement of mandatory convertible bond issue to strategic partner was lawful
- Further confirmation of legal opinion held by Grammer
In a ruling handed down today by the Regional Court of Nuremberg-Fürth, the injunction imposed on Amberg-based automotive supplier Grammer was reversed. The automotive component supplier Prevent, part of the Hastor Group, had made an attempt to prevent the issue of shares by Grammer to a strategic partner. The reversal has retrospective effect. This means that it has been adjudicated on a final and binding basis that the shares were duly issued in legally effective form.
A further legal victory by Grammer
After the Regional Court of Nuremberg had already dismissed all petitions filed by the Hastor side on Monday, this ruling also backs Grammer in its battle against the investor. Accordingly, all courts have meanwhile confirmed Grammer’s assessment of all legal issues in the course of this dispute, without exception.
Located in Amberg, Germany, Grammer AG specializes in the development and production of components and systems for automotive interiors as well as suspension driver and passenger seats for onroad and offroad vehicles. In the Automotive Division, we supply headrests, armrests, center console systems and high-quality interior components and operating systems to premium automakers and automotive system suppliers. The Commercial Vehicle Division comprises seats for the truck and offroad seat segments (tractors, construction machinery, forklifts) as well as train and bus seats. With over 12,000 employees, Grammer operates in 19 countries around the world. Grammer shares are listed in the SDAX and traded on the Frankfurt and Munich stock exchanges via the electronic trading system Xetra.