Record, exclaimed Patrizia Laeri and Nadine Jürgensen this spring. At that time, the two and their ElleXX colleagues raised CHF 1.43 million from “crowd” investors.
However, a different number appeared in the commercial register. The Zurich fintech registered a total of 14,041 new shares.
Official value per title according to the investment “prospectus”: 136 francs. So it would make a little more than 1.9 million francs in total.
Almost half a million more than the amount that Laeri, Jürgensen & Co. had received through their borrowing from investors.
What’s it all about? A first explanation can be found in the commercial register (HR).
“With the capital increase of June 30, 2023, claims of CHF 462,000.00 will be offset, for which 3,775 registered shares will be issued at CHF 1.00.”
If you subtract these 462,000 francs from the 1.9 million, you actually end up more or less with the 1.43 million that come from the “crowd”.
Two things are interesting: Firstly, the price per share in this conversion of claims, secondly, the creditors who provided the loan.
If you divide the 462,000 francs by the 3,775 shares, the price per ElleXX share is just over 122 francs.
That would be 14 francs less than the newly found “public” shareholders had to leaf through the table for each ElleXX title.
penuts? Might be. Still surprising.
Nadine Jürgensen, who wants to move into the National Council for the FDP Zurich in the fall, is keeping a low profile on the lenders.
“The convertible loans listed in the HR are not directly related to the crowdinvesting, but were converted as part of the ordinary capital increase and must be reported again in the articles of association after the OR revision,” said the ElleXX co-founder by email.
“As is usually agreed, details of the shareholders’ agreement may not be published.”
The obvious investors would be the “business” angels of ElleXX, including the President of the Graubündner Kantonalbank, Peter Fanconi, and the founder of the sustainability bank Globalance, Reto Ringger.
Together with two women investors, they bought 1 million shares from ElleXX at the end of 2021, just a few months after the start. The valuation: 57 times the price that Laeri and Jürgensen had invested.
Did Fanconi et al. provided the ElleXX women with a bridging loan until the almost 1,400 new investors would get on board with crowd investing?
No, says a spokesman for Fanconi. “No investments were made,” he said on behalf of his client.
So who granted the ElleXX entrepreneurs a convertible loan in the run-up to the capital increase? The riddle remains unsolved.
2023-08-08 05:49:43
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