Three changes of leadership in less than two years, trouble over unpaid capital increase, a sharp collapse in the share price, legal disputes. It has not been around for years at the listed startup financier Auden. With the Berlin Fintech Optiopay the financier still has a hope in the portfolio, much more is not left. The stock value has plummeted since the first listing almost three years ago.
The Berlin investor had big plans when he went public
The founders Christofer Radic and Christian Frenko originally aimed for a market capitalization of 100 million euros. Auden should be a successful stock market story.
Today, the startup financier faces serious liquidity problems. Active business can not run without capital, new investments have long ceased to exist. In order to be able to boost fresh business again, the Swiss investor Oliver Fiechter had submitted a written offer of 1.8 million euros to the company. He has now withdrawn this offer after lengthy discussions with the Auden board, as he says about Gründerszene. There was a lack of cooperation, according to Fiechter. Meanwhile, there is widespread discontent among the shareholders of the company, one of them has filed a complaint with the Berlin police regarding the actions of the board of directors.
Auden CEO Volker Glaser writes on demand that it is no secret that Auden AG needs fresh liquidity if it wants to do new business
Fiechters offer was examined accordingly by the corporation, however, one could not communicate in all points. He does not want to comment on which points it concerns. The sticking point should have been the cleanup of contaminated sites. In addition to ongoing lawsuits by shareholders of Fanmiles, in which Auden has also invested, as well as the millions demanded by a lender, the Auden Group GmbH plays an important role, the investment vehicle of the Auden founders Radic and Frenko.
What’s been said?
In a press release from the end of 2017, it said: “Thus Auden AG currently has a receivable of about 11.9 million euros from the Auden Group GmbH. The Auden Group GmbH claims to have receivables in the amount of approximately 9.4 million euros against Auden AG, among other things in connection with share purchases of holdings for Auden AG”. According to the ideas of the potential investor Fiechter and several shareholders must a comparison is made and a new start is made with the new capital.
Auden board member Glaser sees things differently. He is currently preparing a legal action on claims against the Auden Group. These would have added up due to interest payments today to 12.8 million euros. However, this procedure should take a lot of time, so the fear of several shareholders. After all, the situation has been unadulterated for years. Time in which, again, no active business is possible – which could not be in their own or in the interests of society.
The startup scene and investors
In 2016, Auden AG emerged from nowhere as an institutional, listed investor for the startup scene. Christofer Radic and Christian Frenko had joined forces with their investment company Auden Group GmbH in the unsuccessful fashion company Kilian Kerner AG. In the spring of 2016, the Annual General Meeting agreed to switch from fashion to investments – the AG was henceforth an investment company that was to invest in startups. And due to the existing company structure, it was practically already listed on the stock exchange.
Also published on Medium.