Brief: STS Group Sells Acoustics Business Segment

STS AG

10/08/2020 15:51

Aug 10 (Reuters) - STS GROUP AG  SF3.DE :
    * SELLS ACOUSTICS BUSINESS SEGMENT - FOCUS ON CORE
COMPETENCE WITH
FUTURE-ORIENTED TECHNOLOGIES IN THE FIELD OF LIGHTWEIGHT
CONSTRUCTION AND E-MOBILITY
    * PURCHASE PRICE IS IN LOW NEGATIVE SINGLE-DIGIT MILLION
RANGE
    * A LOSS OF MORE THAN HALF OF SHARE CAPITAL TO BE ASSUMED
    * CLEAR FOCUS ON COMPETENCES IN MAIN BUSINESS SEGMENTS OF
PLASTICS, MATERIALS AND CHINA
    * SOCIALLY ACCEPTABLE SOLUTION, GIVEN THAT ACOUSTICS
ACTIVITIES
WILL BE CONTINUED BY BUYER
    * EXPECTS TRANSACTION TO BE COMPLETED IN Q3 OF 2020
    * MAIN REASONS FOR LOSS OF MORE THAN HALF OF SHARE CAPITAL
ARE
NEGATIVE PURCHASE PRICE AND WAIVER OF RECEIVABLES OF STS GROUP
AG FROM SOLD COMPANIES
    * FOR THIS REASON, MANAGEMENT BOARD WILL IMMEDIATELY CONVENE
AN
EXTRAORDINARY GENERAL MEETING AND REPORT LOSS OF MORE THAN HALF
OF SHARE CAPITAL
    * THIS RESULTS IN STS GROUP AG'S EQUITY IN SINGLE FINANCIAL
STATEMENTS OF AG OF WELL BELOW 3 MEUR (PREVIOUSLY 6 MEUR)

Source text for Eikon:  ID:nEQ6pGcG4a 
Further company coverage:  SF3.DE 

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