Announcement • Aug 21
Beowolff Capital completed the acquisition of an unknown minority stake in Artnet AG (XTRA:ART) from Weng Fine Art AG (DB:WFA) and others. Beowolff Capital agreed to acquire an unknown minority stake in Artnet AG (XTRA:ART) from Weng Fine Art AG (DB:WFA) and others on May 27, 2025. A cash consideration valued at €11.25 per share will be paid by the buyer. At the time of the offer's announcement, Beowolff Capital had secured approximately 65% of all outstanding shares through irrevocable acceptance letters and share purchase agreements.
In connection with the offer announcement, Beowolff Capital and Artnet AG have today entered into an investment and delisting agreement. In this agreement, Artnet AG and Beowolff Capital have agreed that, subject to customary conditions and caveats, the Artnet AG will (i) support the Offer, (ii) apply for the revocation of the admission of the artnet Shares to trading on the regulated market of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with effect as of the end of the additional acceptance period of the Offer (Delisting) and (iii) take all commercially reasonable steps and measures to terminate the inclusion of the artnet Shares in trading on the open market.
The offer is subject to approval by the German Federal Financial Supervisory Authority. As of June 11, 2025, the sale of the stake in artnet AG (Artnet) has now been completed and the purchase price of almost €20 million for the Artnet shares acquired has been paid to Rüdiger K. Weng and the companies under his control. As of July 8, 2025, the deal has been approved by the German Federal Financial Supervisory Authority. The management board and the supervisory board of Artnet AG recommends all shareholders of Artnet AG to accept the offer. The deal is expected to close on August 5, 2025.
As on August 5, 2025, Total of 1.531983 million artnet shares were tendered into the voluntary public takeover and delisting offer for artnet AG during the acceptance period this corresponds to approximately 26.85% of all outstanding artnet shares. Beowolff Capital Secures 97.17% of all artnet Shares and provided additional acceptance period which will end on August 22, 2025.
Weng Fine Art AG (WFA). Holger Alfes, Stephan Schulz, Philip M. Schmoll, Laurenz Wieneke, Jörg-Peter Kraack, Jan Hoffmann Linhard and Sebastian de Schmidt of Noerr Partnerschaftsgesellschaft mbB acted as legal advisor to Artnet AG. Benjamin Leyendecker of Kirkland & Ellis acted as legal advisor for Beowolff Capital. Richard Mayer-Uellner of CMS Germany act as legal advisor for Weng Fine Art AG. ParkView Partners acted as financial advisor to Beowolff Capital.
Beowolff Capital completed the acquisition of an unknown minority stake in Artnet AG (XTRA:ART) from Weng Fine Art AG (DB:WFA) and others on August 19, 2025. The squeeze-out is being implemented pursuant to Sections 327a et seq. of the German Stock Corporation Act. The Squeeze-Out under Stock Corporation Law becomes effective upon registration of the transfer resolution with the Company’s commercial register. Upon registration of the transfer resolution with the commercial register, all shares in the Company held by the Minority Shareholders will be transferred to Leonardo Art Holdings GmbH. Announcement • Jun 13
Beowolff Capital completed the acquisition of additional 29.99% stake in Artnet AG from Weng Fine Art AG (DB:WFA) and RÜDiger K. Weng A+A GmbH. Beowolff Capital agreed to acquire additional 29.99% stake in Artnet AG from Weng Fine Art AG (DB:WFA) and RÜDiger K. Weng A+A GmbH for almost €20 million on May 27, 2025. In this transaction, Weng Fine Art AG will get €15.2 million. WFA will use the high cash inflow primarily to reduce its bank liabilities and, as a result, will terminate its cooperation with three banks for the time being in the coming months. This will reduce the number of financing partners to three or four banks in the near future. The management plans to invest the remaining part of the income in the development of promising new business areas, among other things. The closing of the agreement is scheduled for May 30, 2025. Holger Alfes, Stephan Schulz, Philip M. Schmoll, Laurenz Wieneke, Jörg-Peter Kraack, Jan Hoffmann Linhard and Sebastian de Schmidt of Noerr Partnerschaftsgesellschaft mbB acted as legal advisor to Artnet AG. Benjamin Leyendecker of Kirkland & Ellis acted as legal advisor for Beowolff Capital. Richard Mayer-Uellner of CMS Germany act as legal advisor for Weng Fine Art AG.
Beowolff Capital completed the acquisition of additional 29.99% stake in Artnet AG from Weng Fine Art AG (DB:WFA) and RÜDiger K. Weng A+A GmbH on June 11, 2025. Announcement • May 27
Beowolff Capital agreed to acquire an unknown minority stake in Artnet AG (XTRA:ART) from Weng Fine Art AG (DB:WFA) and others in a tender offer transaction. Beowolff Capital agreed to acquire an unknown minority stake in Artnet AG (XTRA:ART) from Weng Fine Art AG (DB:WFA) and others in a tender offer transaction on May 27, 2025. A cash consideration valued at €11.25 per share will be paid by the buyer.
In connection with the offer announcement, the Company and the Bidder have today entered into an investment and delisting agreement. In this agreement, the Company and the Bidder have agreed that, subject to customary conditions and caveats, the Company will (i) support the Offer, (ii) apply for the revocation of the admission of the artnet Shares to trading on the regulated market of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with effect as of the end of the additional acceptance period of the Offer (Delisting) and (iii) take all commercially reasonable steps and measures to terminate the inclusion of the artnet Shares in trading on the open market. ParkView Partners acted as financial advisor to Beowolff Capital.
Transaction is expected to complete on May 30, 2025. Holger Alfes, Stephan Schulz, Philip M. Schmoll, Laurenz Wieneke, Jörg-Peter Kraack, Jan Hoffmann Linhard and Sebastian de Schmidt of Noerr Partnerschaftsgesellschaft mbB acted as legal advisor to Artnet AG. Announcement • Nov 11
Weng Fine Art AG, Annual General Meeting, Dec 18, 2024 Weng Fine Art AG, Annual General Meeting, Dec 18, 2024, at 10:00 W. Europe Standard Time. Reported Earnings • Oct 03
Full year 2023 earnings released Full year 2023 results: Revenue: €5.94m (down 30% from FY 2022). Net loss: €107.8k (down 154% from profit in FY 2022). New Risk • Jul 31
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Revenue has declined by 23% over the past year. Minor Risks High level of debt (75% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (€20.4m market cap, or US$22.0m). New Risk • Jun 30
New major risk - Revenue and earnings growth Revenue has declined by 23% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Revenue has declined by 23% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (9.0% average weekly change). Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (€19.8m market cap, or US$21.2m). Announcement • Jun 14
Weng Fine Art AG (DB:WFA) acquired additional unknown minority stake in Artnet AG (XTRA:ART). Weng Fine Art AG (DB:WFA) acquired additional unknown minority stake in Artnet AG (XTRA:ART) on June 13, 2024. Rüdiger K. Weng, founder and majority shareholder of WFA, currently holds a direct and indirect stake of almost 30% in Artnet, making him the company's largest shareholder.Weng Fine Art AG (DB:WFA) completed the acquisition of additional unknown minority stake in Artnet AG (XTRA:ART) on June 13, 2024. New Risk • Apr 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (€26.3m market cap, or US$28.0m). Buy Or Sell Opportunity • Apr 04
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to €5.10. The fair value is estimated to be €6.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Mar 15
An unknown investor from London signed a non-binding letter of intent to acquire an unknown minority stake in Artnet AG (XTRA : ART) from Weng Fine Art AG and Rüdiger K. Weng A+A GmbH. An unknown investor from London signed a non-binding letter of intent to acquire an unknown minority stake in Artnet AG (XTRA : ART) from Weng Fine Art AG and Rüdiger K. Weng A+A GmbH on March 14, 2024. The transaction include a sale of all shares in artnet AG held by Weng Fine Art AG and Rüdiger K. Weng A+A GmbH. WFA and A+A have granted the investor exclusivity for a limited period of time. It is currently uncertain whether the transaction will ultimately go through. This depends primarily on whether the investor also reaches an agreement with other Artnet shareholders in order to obtain a majority stake in the company. Buy Or Sell Opportunity • Feb 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to €5.50. The fair value is estimated to be €6.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. New Risk • Feb 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (€30.7m market cap, or US$33.1m). New Risk • Nov 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (€32.6m market cap, or US$35.6m). Upcoming Dividend • Aug 15
Upcoming dividend of €0.11 per share at 1.8% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 24 August 2023. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.7%). New Risk • Aug 03
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.3% net profit margin). Revenue is less than US$5m (€4.3m revenue, or US$4.7m). Market cap is less than US$100m (€51.3m market cap, or US$56.1m). New Risk • Jul 01
New major risk - Revenue and earnings growth Revenue has declined by 1.7% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.6% operating cash flow to total debt). Revenue has declined by 1.7% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2022 fiscal period end). Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (28% net profit margin). Market cap is less than US$100m (€47.3m market cap, or US$51.6m). Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €8.82, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 14x in the Specialty Retail industry in Germany. Total returns to shareholders of 122% over the past three years. Announcement • Nov 23
An unknown buyer acquired an unknown minority stake in 360X Art AG from Weng Fine Art AG (DB:WFA). An unknown buyer acquired an unknown minority stake in 360X Art AG from Weng Fine Art AG (DB:WFA) for €2.41 million on November 21, 2022.
An unknown buyer completed the acquisition of an unknown minority stake in 360X Art AG from Weng Fine Art AG (DB:WFA) on November 21, 2022. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improved over the past week After last week's 18% share price gain to €14.00, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 15x in the Specialty Retail industry in Germany. Total returns to shareholders of 201% over the past three years. Reported Earnings • Jul 01
Full year 2021 earnings released Full year 2021 results: Revenue: €14.6m (up 40% from FY 2020). Net income: €3.37m (down 29% from FY 2020). Profit margin: 23% (down from 45% in FY 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jun 22
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 05 July 2022. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 20% share price decline to €14.80, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 16x in the Specialty Retail industry in Germany. Total returns to shareholders of 222% over the past three years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €18.80, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 10x in the Specialty Retail industry in Germany. Total returns to shareholders of 224% over the past three years. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €27.80, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 13x in the Specialty Retail industry in Germany. Total returns to shareholders of 375% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 23% share price gain to €37.00, the stock trades at a trailing P/E ratio of 35.5x. Average trailing P/E is 13x in the Specialty Retail industry in Germany. Total returns to shareholders of 706% over the past three years. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 15% share price gain to €33.40, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 11x in the Specialty Retail industry in Germany. Total returns to shareholders of 639% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 22% share price gain to €49.80, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 9x in the Specialty Retail industry in Germany. Total returns to shareholders of 282% over the past three years. Upcoming Dividend • Aug 18
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 01 September 2021. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (2.3%). Announcement • Jun 26
Weng Fine Art Negotiates to Buy Minority Stake in 360X Art AG Weng Fine Art AG (DB:WFA) said on June 24, 2021 it is negotiating to buy minority stakes in 360x Art AG and its main shareholder 360x AG. The company to buy stake in the companies in mid single-digit million range and work operationally with both companies in the future. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 18% share price gain to €32.80, the stock trades at a trailing P/E ratio of 52x. Average trailing P/E is 13x in the Specialty Retail industry in Germany. Total returns to shareholders of 288% over the past year. Valuation Update With 7 Day Price Move • May 01
Investor sentiment improved over the past week After last week's 16% share price gain to €25.20, the stock trades at a trailing P/E ratio of 40x. Average trailing P/E is 18x in the Specialty Retail industry in Europe. Total returns to shareholders of 245% over the past year. Is New 90 Day High Low • Dec 19
New 90-day high: €22.40 The company is up 42% from its price of €15.80 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 18% share price gain to €20.60, the stock is trading at a trailing P/E ratio of 32.7x, up from the previous P/E ratio of 27.8x. This compares to an average P/E of 18x in the Specialty Retail industry in Europe. Total returns to shareholders over the past year are 110%. Is New 90 Day High Low • Nov 10
New 90-day high: €17.70 The company is up 23% from its price of €14.40 on 11 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 13% over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: €17.40 The company is up 40% from its price of €12.40 on 09 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 18% over the same period.