CASSONA SE
CASSONA SE: Interim Management Report Q3 / 2013
CASSONA SE / Key word(s): Interim Report 21.11.2013 / 14:00 --------------------------------------------------------------------- Enlargement of the Management Board The Management Board of CASSONA SE has been enlarged. Thomas Baumgartner (48) has been appointed as Member of the Management Board and the new Financial Director and Chief Financial Officer (CFO). He is taking office after the next General Assembly. Baumgartner can look back on a successful career of 20 years in the management of a major international bank. He managed investment portfolios of wealthy families and private individuals as Managing Director and Chief Executive, which belong to the Ultra High Net Worth Individuals (UHNWI). Baumgartner is an expert in financial issues and is responsible for risk control, capital markets, banking and structured financing. With Baumgartner a powerful expert joins CASSONA, who will lead the operative investment activities of CASSONA as the Financial Director together with the Executive Director. Baumgartner will be in charge for the financial department so that the Executive Director can concentrate on the operative management of the investment business. Performance of the investment business In the third quarter 2013 there have been different progresses in the contemporaneous investment negotiations. In the talks to invest in European airports the first closing still remains to be concluded. In Croatia the local government completes the privatization of the respective territories and prepares the public private partnership within the legal framework of the new EU membership. Also in Italy there is still a need for clarification and coordination over matters of traffic rights at different existing airports. Additional airport projects are currently being reviewed and selected exploratory talks have started. The performance of the two existing investments in the sector of crude oil and natural gas show different results. The progress of the investment project in Alberta in Canada has been highly encouraging. Originally we have planned the initial public offering for this project already during this quarter. The IPO has been postponed to a future date as the Management of CASSONA has decided first to force the successful start of oil production. Respective negotiations to establish a strategic alliance with a Canadian partner are successful and should be closed during the current fiscal year. The aim is to start the oil production in the extraction area under the existing licenses and concessions without further financial exposure of CASSONA SE as the holding and investment company. The prospection and exploration of the crude oil deposits in Saratov in Russia are not yet completed. Further comprehensive geological and geophysical studies are needed. The projecting to establish power plants in Mongolia is proceeding with best chances of success. Especially aspects of environmental protection are of particular attention. The use of state-of-the-art technology shall reduce harmful emissions to nearly zero and at the same time shall keep the production of the greenhouse gas CO2 at a minimum. CASSONA collaborates in close cooperation with the Ministry of Environment and Green Development of Mongolia. The investment to establish the iron and steel production in Kazakhstan continues. The ongoing financing negotiations are not yet finalized. Via our new branch office in Bahrain numerous new investment opportunities in the Arabian hemisphere have been identified. The current focus is on building reliable strategic partnerships with strong industrial partners in Arabia to guarantee the success of our investment projects. All our current acquisition projects have been put up for review under the new leadership of CASSONA and will be closely scrutinized with regard to their future success potential. Not profitable or not yet successfully concluded investment projects eventually face the risk to be abandoned or not be developed further. This could also happen to projects, which just face a longer completion time or where other uncertainties are possible. General Assembly on 3 December 2013 The Annual General Meeting takes place on 3 December 2013 in Frankfurt Main. Beside the corporate figures for the fiscal year 2012, we will present our current investment projects and the strategic development of the company. One of the major tasks on the agenda is the election of the new Chairperson of the Board of Directors and Executive Director of CASSONA SE. Oliver Walangitang resigns from the Management and the Board of Directors of CASSONA SE by the end of the next General Assembly paving the way for a fresh start and a strategic repositioning of CASSONA. Walangitang was Chairman of CASSONA since 19 July 2011. Under his leadership the company gained a respected position in the sector of crude oil and natural gas as well other commodities in Canada, Russia and other independent states of the former Soviet Union. Later the investment focus extended to infrastructure, energy and steel. Dr. Guido Quadri (59) is proposed for election as the new Chairman of the Board of Directors and the Executive Director of CASSONA SE. Dr. Quadri provides extended experiences and profound knowledge about the area of financing and management of international projects of any size. As a member of an influential industrial family from Bergamo in Italy and after his studies at the prestigious University of Economic Sciences in Milan 'Luigi Bocconi', within several decades he has accompanied European leading financial institutions and large industrial groups of different business sectors in all kind of different business projects. These include the opening up and development of new markets, mergers & acquisitions, management of investment projects, and numerous mandates of project management and financial structuring. Dr. Quadri agrees to contribute the wealth of his vast business network to strong industrial partners and financial institutions in and outside Europe to his new position as designated Chairman of the Board of Directors of CASSONA SE. This is supplemented by his healthy feeling for the development of markets and his clear vision of growth and corporate success, which will enable him even amid a difficult business environment always to make the right decision. According to the one-tier system of the European corporation (Societas Europaea) of CASSONA SE, the new Chairman of the Board of Directors Dr. Quadri shall lead as Executive Director simultaneously the Management Board of CASSONA SE. Thus together with the Financial Director Dr. Quadri leads the operative investment management of CASSONA. End of Corporate News --------------------------------------------------------------------- 21.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: CASSONA SE Schubertstrasse 14 60325 Frankfurt Germany Phone: 030 6150 82 151 Fax: 030 6150 82 152 E-mail: info@cassona.de Internet: www.cassona.de ISIN: DE000A1C6T63 WKN: A1C6T6 Listed: Freiverkehr in Berlin; Frankfurt in Open Market ; GXG End of News DGAP News-Service --------------------------------------------------------------------- 241081 21.11.2013
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