Knorr Capital Partner AG
Knorr Capital Partner AG english
Restructuring of KCP
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Restructuring of KCP
KNORR CAPITAL PARTNER AG KCP is downsizing its structures and management bodies
as well as making personnel changes. Thomas H. Knorr will relinquish his
position as Chief Executive Officer and take up a position on the Supervisory
Board. At the same time, the Supervisory Board is to be reduced from six members
to three in the course of the shareholders’ meeting. The Management Board will
consist of Manfred Frey, an existing member of the Management Board.
The restructuring programme has already been successfully implemented in key
areas of the company, but has made substantial demands on liquid funds. With
this in mind, the company is currently in negotiations with investors regarding
the sale of portfolio assets in order to strengthen the company’s working
capital and to improve liquidity. In future, KCP will focus on the sites in
Munich, Eschborn and Montreal and reduce the number of staff from 80 to less
than 20. At the same time annual expenditure will be reduced several times to
around Euro 2.5 million in 2003. In order to reduce costs further, the company
is planning to leave the SMAX stock market sector. This will generate
substantial savings, in particular the need for parallel accounting to German
GAAP (HGB) and US GAAP as well as for a designated sponsor.
Due to the company’s international portfolio and the more comprehensive audit
work this entails, the shareholders’ meeting is expected to take place on 8
August 2002. The full annual financial statements will be published in the
second half of May 2002. Despite remarkable write downs – which are adapted to
the current market environment – the company reports stockholders equity much
higher than the current market capitalisation.
Exit options via the stock market appear to be limited again this year, which
poses a problem for venture capital companies such as KCP. If the market
environment does not improve substantially in the second half of 2002, KCP
anticipates reporting an overall loss for the current financial year. The
decisive restructuring programme – including the write downs – does, however,
provide a sound basis for a recovery in the share price in the following year.
Contact person:
Gertraud Hielscher, KNORR CAPITAL PARTNER AG, Rückertstr. 1, D-80336 Munich
Phone: +49 (0) 89 54 35 6-0, Fax: +49 (0) 89 54 35 6-333
Email: info@knorrcapital.de, Internet: http://www.knorrcapital.de
end of ad-hoc-announcement (c)DGAP 29.04.2002
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WKN: 768612; ISIN: DE0007686123; Index: SDax
Listed: Amtlicher Handel in Frankfurt (SMAX), München; Freiverkehr in Berlin,
Düsseldorf, Hamburg, Stuttgart
292109 Apr 02
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