Brief: Intershop Communications Adopts Restructuring Program
28/10/2019 14:00
Oct 28 (Reuters) - INTERSHOP COMMUNICATIONS AG ISHG.DE :
* ADOPTS RESTRUCTURING PROGRAM TO CONCLUDE CLOUD
TRANSFORMATION /
NOTIFICATION OF A LOSS PURSUANT TO SECTION 92 (1) OF THE GERMAN
SCA / CONVENING OF AN EXTRAORDINARY GENERAL MEETING AND PROPOSAL
FOR A SIMPLIFIED CAPIT
* IMPLEMENTATION OF PROGRAM WILL ENTAIL COSTS IN AMOUNT OF
APPROXIMATELY EUR 1 MILLION FOR WHICH A PROVISION HAS TO BE
ESTABLISHED
* FURTHER LOSSES IN AMOUNT OF APPROXIMATELY EUR 4.5 MILLION
WILL
RESULT FROM ANTICIPATED WRITE-DOWN OF CARRYING AMOUNTS OF FIXED
ASSETS IN NEXT ANNUAL FINANCIAL STATEMENTS
* MANAGEMENT BOARD WILL THEREFORE IMMEDIATELY CONVENE AN
EXTRAORDINARY GENERAL MEETING OF COMPANY, WHICH IS EXPECTED TO
TAKE PLACE IN DECEMBER 2019
* WILL PROPOSE TO RESTRUCTURE BALANCE SHEET BY REDUCING
SHARE
CAPITAL BY EUR 28,388,328 FROM EUR 42,582,492 TO EUR 14,194,164
TO COVER LOSSES
* WILL PROPOSE TO TRANSFER A PARTIAL AMOUNT TO CAPITAL
RESERVE BY
WAY OF A SIMPLIFIED CAPITAL REDUCTION
* SIMPLIFIED CAPITAL REDUCTION WILL BE LINKED TO A REVERSE
STOCK
SPLIT, WITH THREE OLD SHARES BEING CONSOLIDATED INTO ONE NEW
SHARE
Source text for Eikon: ID:nEQ5MWsbKa
Further company coverage: ISHG.DE
(Gdansk Newsroom)
((gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10;))