Brief: STS Group Sells Acoustics Business Segment

STS AG

10/08/2020 07:47

Aug 10 (Reuters) - STS GROUP AG  SF3.DE :
    * SAID ON FRIDAY SELLS ACOUSTICS BUSINESS SEGMENT -
NOTIFICATION
OF LOSS ACCORDING TO § 92 PARA. 1 AKTG
    * SALE WILL BE MADE AT NEGATIVE PURCHASE PRICE, IS EXPECTED
TO
TAKE PLACE IN Q3 OF 2020
    * DECIDED TO TAKE THIS STEP TO STAY FOCUSED ON CORE BUSINESS
OF CO
IN PLASTICS SEGMENT IN EUROPE, CHINA AND MEXICO
    * ON THE BASIS OF CONCLUSION OF SALES AGREEMENT, MANAGEMENT
BOARD
DETERMINED THAT CO IS LIKELY TO INCUR LOSS OF MORE THAN HALF OF
ITS SHARE CAPITAL
    * MAIN REASONS FOR LOSS OF MORE THAN HALF OF SHARE CAPITAL
ARE
NEGATIVE PURCHASE PRICE AND WAIVER OF RECEIVABLES OF STS GROUP
FROM SOLD COMPANIES - THIS RESULTS IN CO'S EQUITY CAPITAL BEING
WELL BELOW EUR 3 MLN
    * WILL IMMEDIATELY CONVENE EGM AND REPORT LOSS OF MORE THAN
HALF
OF SHARE CAPITAL 

Source text for Eikon:  ID:nEQbwqqjfa 
Further company coverage:  SF3.DE 

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