euro adhoc: e-m-s new media AG
e-m-s new media AG and Baader Wertpapierhandelsbank AG reach settlement (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
e-m-s new media AG (WKN 521280 / ISIN DE0005212807), the specialist for Home-Entertainment, has reached settlement with Baader Wertpapierhandelsbank AG, that disengages e-m-s from assuming the amount of 1.33 million shares of Advanced Medien at the issue price of EUR 3 per share. Baader will receive a payment at the amount of 1.2 million EURO. This amount will be due for payment in instalments from on December 2003. Thus, the liquidity of e-m-s will not be largely affected in the current year.
The settlement could also be realized as the CEO of e-m-s new media AG, Werner Wirsing-Lüke, has resigned irrevocably from debts towards the company amounting to EURO 1,917,701.47.
The agreement will have an positive impact on the operating profit. As accruals for purchase obligations of 3.83 million EURO have already been set up in previous years, e-m-s can book extraordinary proceeds of approx. 2.6 million EURO. The accruals can be reversed mostly now.
For the fiscal year 2003 the e-m-s management anticipates a 60 percent increase of the comparable turnover adding up to 12 million EURO as well as a positive EBIT. This forecast does not include the release of provisions.
end of announcement euro adhoc 16.04.2003
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