After the application for insolvency: What will happen to the Wirecard investors now

The bankruptcy petition of the in the German standard value index, the Dax-listed company Wirecard has caught many investors cold. He had decided to remain inve

After the application for insolvency: What will happen to the Wirecard investors now

The bankruptcy petition of the in the German standard value index, the Dax-listed company Wirecard has caught many investors cold. He had decided to remain invested, wrote about on Tuesday, an investor in an Internet forum. The technology is Yes, "super" and sales. In the next two to three years, there is certainly "a doubling chance." Such hopes are now probably a waste of time. This shows the reaction of the investor: The share price declined on Thursday by more 70 percent to 3.50 euros. Out, out, out, the last foreign exchange in such cases is always. Anyone who has bought in the worst case, in September of 2018 shares at the record price of nearly 200 euros, and held, has now lost almost 99 percent of its Investments.

Tim Kanning

editor in the economy.

F. A. Z.

Martin Hock

editor in the economy.

F. A. Z.

the bankruptcy procedure is not opened, a rejection of the application as unfounded by the competent local court of Munich would, however, be unusual. For the shareholders it looks in this case very bad. "A shareholder is not, in principle, a creditor in the insolvency proceedings concerning the loss of share value," says the Munich-based lawyer Peter Mattil, specializing in capital market law. Only if claims for damages could be proved from illicit actions, in particular violations of the Ad-hoc duties that may shareholders submit a claim as a creditor in the insolvency proceedings. Several law firms prepare as reported by the appropriate class actions.

is likely to be, even in the case of success, the insolvency proceedings for any such damages until very subordinately touched. In principle, external donors, capital donors take precedence over Equity. Since in case of doubt, Bondholders and banks in the same way, behind the light were conducted to make the shareholders comfortable in the back.

WIRECARD -- -- (--) Xetra tradegate lang & Schwarz, Stuttgart, London SE Int. Level 1FrankfurtSchweiz OTCWienSchweiz 1T 1W 3M 1J 3J 5J For detail view

To bonds, Wirecard has to stand in front of all, a convertible bond in the amount of 500 million Euro, which is now considered non-performing. Private investors are likely to be little affected, does the bond have a minimum investment and denomination of € 100,000. According to data from the financial information system Bloomberg, the largest creditors were the last funds of the companies, Blackrock and Universal. A large single position of 2.4 million Euro in a pension Fund of the Apo-Bank. "This corresponds to a share of the Fund volume by 22.06.20 of 0.18 percent," said the F. A. Z. million amounts were last updated but also in a variety of bond ETF from iShares. A second convertible bond in the amount of 900 million euros, is also found in a variety of funds. Originally, these Japanese Investor Softbank took over, but sold. According to Bloomberg data, the Fund of the Swiss bond specialist fish held at the end of April there were about 28 million euros.

The large positions taken by some Fund managers in Wirecard, are a huge problem for the whole active Fund management,“ says Ali Masarwah from the Fund analysis company Morningstar. Through the Fund, many private investors are invested in Wirecard. With up to 10 percent, by means of derivatives, sometimes even more, went to the Fund company of Deutsche Bank, DWS, part-time in the share in Full. The DWS called for rather technical reasons, from the point of view of Marsawah this is a violation of the diversification requirements of the Fund.

But also the Fund company of the Volks - and Raiffeisen banks, Union Investment had bought last year in great style Wirecard-shares, and in part for defensive funds, such as the UniGlobal Pension planning, which are actually intended for the retirement savings of retail investors. DWS Fund Manager Tim Albrecht had called his Grand entry shortly after the recent price fall to the F. A. Z. as an error. His Fund of DWS, Germany lags behind its benchmark index, now around 4 percentage points.

Updated Date: 25 June 2020, 14:19

You need to login to comment.

Please register or login.

RELATED NEWS