BERLIN — German visual effects and production group Das Werk has joined the exodus from Frankfurt’s defunct Neuer Markt, which the German Stock Exchange will close next year.
Company said Thursday it will move to the more generic and less-costly regulated market in November.
The German board plans to replace the Neuer Markt with an internationally targeted listing sector dubbed the Prime Standard. It also will introduce the Domestic Standard in a far-reaching overhaul.
The collapse of the Neuer Markt has prompted many film- and TV-related companies to jump ship over the past nine months, including Kinowelt, H5B5, Helkon, FAME and kidvidder RTV.
Das Werk, which owns Wim Wenders’ Road Movies production shingle, was listed on the Neuer Markt in 1999. In 2000, its share price peaked at nearly $50; it currently trades at 40¢.
Company said it was switching to the regulated market to save money. Extra costs related to a listing on the Neuer Markt include adopting internationally accepted accounting methods plus the nationally accepted German standard, additional auditors, two sponsors and more PR work.
Das Werk said it would continue to use the Intl. Accounting Standard.