Xelleon's Expected To Be Accepted By BaFin Says Law Firm
Xelleons securities lawyer has told Dale Scott Marion, President, and CEO of Xelleon that he believes Xelleon's application to BaFin will be approved.
Online, April 10, 2012 (Newswire.com) - In February, the Frankfurt Stock Exchange (FSE) announced that it was closing the 4th Segment, known as the open unregulated market of the exchange, and that all companies trading on that segment, would be required to submit a prospectus and audited financial statements for approval by BaFin (Germany's Securities Regulator) in order to qualify and be permitted to trade on the 3rd Segment, which is the regulated market of the FSE. Any company failing to comply would be delisted from the FSE.
This FSE ruling has implications not only for Xelleon PLC, but also, for various other companies presently trading on the 4th segment of the exchange. All companies have a deadline of mid September to submit a prospectus and audited financial statements.
The good news is that the prospectus for Xelleon PLC has been completed and is near ready for submission. "FSE Law delivered the prospectus to us last month shy of the financal statements that should be present in the document which still require auditing." said company president Dale Scott Marion.
The company has spoken with the firm completing the autited financials to include with the prospectus and although no exact date was specified as to their completion of the audit, it was told to xelleon that it should not be a long process.
Xelleon PLC (Frankfurt XLL) expects its securities law firm to submit its prospectus, audited financial statements and regulated market trading application to BaFin (Germany's Securities Regulator) far in advance of the September submission deadline.
The companies securities lawyer sent written correspondance in January to Dale Scott Marion, President, and CEO of Xelleon that they believe Xelleon's application will be approved.
The company also recently announced that it has recapitalized its shares. Founder and President Dale Scott Marion has removed 60Million shares from the open market and converted those 60Million shares into 600,000 preferred shares, with 100 - 1 voting rights per share and a reconversion rate of 100 - 1 back to ordinary shares.
This reduces the number of ordinary shares available to the market from 100 Million to 40 Million. Xelleon currently holds assets and contracts worth over $100 Million.
The new capitalization comes from advice given to the company by its securities law firm FSE Law Gmbh, to prepare the company's Initial Public Offering.
