Brief: United Internet Says Resolved To Make No Further Investments In Holding Company Kublai GmbH

United Internet AG

14/06/2024 19:15

June 14 (Reuters) - United Internet AG  UTDI.DE :
    * TODAY RESOLVED TO MAKE NO FURTHER INVESTMENTS IN HOLDING
COMPANY
KUBLAI GMBH
    * UNITED INTERNET EXPECTS NON-CASH IMPAIRMENT LOSS ON
INVESTMENT
IN KUBLAI OF AROUND EUR 185 MILLION IN ITS HY FINANCIAL REPORT
2024
    * UNITED INTERNET- WAIVING ITS RIGHT TO INCREASE STAKE IN
KUBLAI
TO 40% AGAIN AFTER IT WAS DILUTED TO AROUND 5% IN COURSE OF
CAPITAL INCREASE IN Q1 2024
    * CONVINCED THAT VALUATION OF TELE COLUMBUS AG ON WHICH
CAPITAL
INCREASE IS BASED IS SIGNIFICANTLY TOO LOW
    * UNITED INTERNET- WILL NOW INITIATE CONTRACTUALLY
STIPULATED
ANTI-DILUTION PROCEEDINGS AND ARRANGE FOR AN ARBITRATION COURT
TO REVIEW MSI'S VALUATION
    * UNITED INTERNET - IF COURT FOLLOWS CO'S OPINION BASED ON
VALUATION COMMISSIONED BEFORE CAPITAL INCREASE, CO ENTITLED TO
COMPENSATION AMOUNT OF APPROX EUR 300 MILLION

Source text for Eikon:  ID:nEQ5BwJ68a 
Further company coverage:  UTDI.DE 

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