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Lycos Europe N.V.

EANS-Adhoc: Lycos Europe N.V.
Announcement of delisting of Lycos Europe N.V.'s shares listed on Euronext Paris

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
30.07.2009
Lycos Europe N.V. (Euronext NL 0000233195-LYC/  Xetra  WKN  932728  
LCY)  hereby announces its intention to delist its ordinary shares 
listed  on  NYSE  Euronext Paris. This decision is principally due to
the following facts: *  Due to its results and prospects Lycos Europe
N.V.  announced  a  shutdown    process on 26 November 2008  which  
was  agreed  upon  by  the  extraordinary    shareholders' meeting on
12 December 2008 held in Amsterdam. Pursuant to this    shutdown 
process as of today:
  • Lycos has sold several business units including United-Domains, the Danish portal business and Lycos iQ; - Lycos is looking for a buyer for the shopping unit called Pangora; - The majority of the employees have been released by April 1, 2009; and - Lycos has terminated the better part of nearly 600 agreements (e.g. sales, marketing, technical agreements).
  • As a result of this strategy Lycos Europe N.V. will become a publicly listed company without a significant operational business and it is contemplated to liquidate the company within five to seven years. * The current dual listing of Lycos Europe N.V. is no longer coherent in the context of the implementation of its new strategy. * The listing of Lycos Europe N.V. on Euronext Paris creates extra costs and administrative burdens which are no longer justified given the strategy of the company. * Lycos Europe N.V. has presently carried out capital reimbursements of EUR 85 million for the benefit of its shareholders and will continue to do so as the assets are liquidated. Following these successive reimbursements, the trading value of the shares will be reduced to even lower levels than is presently the case. Due to several remaining agreements and in particular an escrow arrangement with United Internet the purchaser of the Domains Business, whereby EUR 7 million of the purchase price was put in escrow (until latest 2014) as security Lycos Europe N.V. obligations under the sale, Lycos Europe N.V.'s final liquidation of the company will presumably not take place before 2014. On the basis of the facts set out above, Lycos Europe N.V. has requested its delisting. The Board of NYSE Euronext Paris accepted the delisting request of Lycos Europe N.V. and decided that the delisting from the French regulated market would become effective on 3 January 2010 close of business. This time gap was provided to give the Lycos Europe N.V. shareholders an opportunity to sell their shares on Euronext Paris before the shares are delisted. Please note that this delisting may have an effect on the trading practices and terms and conditions that are applicable to you if you hold shares in Lycos Europe N.V. once these shares are no longer listed on Euronext Paris. As from the delisting of the shares of Lycos Europe N.V. on 4 January 2010 your financial intermediary will have until 15 January 2010 close of business to organize the transfer of your Lycos Europe N.V. shares portfolio to a German depository. You should discuss this with your broker or banker. If you intend to keep your shares in Lycos Europe N.V., please note that as at 4 January 2010, your shares will solely remain listed on the regulated market general standard of the Frankfurt Stock Exchange (FWB), which should permit a sufficient trading liquidity for the shares, and it is not currently contemplated to delist the shares of the company from this market. Lycos Europe N.V.
end of announcement                               euro adhoc

Further inquiry note:

Investor relations Lycos Europe N.V.:
Jochen Hög - Tel : + 49 (0) 5241 80 71244 - Email :
jochen.hoeg@lycos-
europe.com

Branche: Software
ISIN: NL0000233195
WKN: 932728
Index: Prime All Share, Technologie All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
Hannover / free trade
Euronext Paris / free trade
München / free trade

Weitere Storys: Lycos Europe N.V.
Weitere Storys: Lycos Europe N.V.
  • 28.05.2009 – 12:53

    EANS-Adhoc: Lycos Europe N.V. / Annual General Meeting 2009 of LYCOS Europe N.V

    ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. 28.05.2009 At the Annual General Meeting of LYCOS Europe N.V. (ISIN NL0000233195) which was held today in Amsterdam 64.20 per cent of the 311,576,344 ordinary voting ...

  • 28.04.2009 – 09:01

    EANS-Adhoc: Lycos Europe N.V. / Capital Repayment of LYCOS Europe N.V.

    ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. 28.04.2009 The Supervisory Board of LYCOS Europe N.V. (ISIN NL0000233195) followed the proposal made by the management Board and resolved to undertake a capital ...