Wapme Systems AG
Wapme Systems AG pushes ahead with plans to concentrate on its core mobile
Ad hoc announcement §15 WpHG
management decision
Wapme Systems AG pushes ahead with plans to concentrate on its core mobile
Ad hoc announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————
Wapme Systems AG pushes ahead with plans to concentrate on its core mobile
entertainment business
+++ Sale of more phones GmbH subsidiary +++ Repayment of EUR 2,575,000 loan
plus income bond +++
Düsseldorf, 20.09.2005 — Wapme Systems AG (Prime Standard: ISIN
DE0005495501), provider of mobile entertainment products and services, has
sold its shares (59.6%) in more phones GmbH, Rheine, with economic effect from
31.8.05. The buyer is a strategic investor with close links to the telecoms
sector. The necessary consent of more phones GmbH’s other partners is expected
to be given shortly. The purchase price, which it was agreed not to disclose,
includes a fixed purchase price payment and a variable component. The
variable component is based on the level of the tax pre-payment reimbursement
from the relevant tax office to more phones GmbH. On completion, this will
generate extraordinary income and improve the equity position. In addition to
the cash flow effect arising from the purchase price payment, Wapme Systems AG
will receive cash totalling EUR 2,575,000 from the repayment of the loan it
granted to more phones GmbH. The repayment is structured into three tranches.
The first tranche of 50% is due by the end of this year. Payment of the
remaining two tranches is scheduled for the first half of 2006.
By selling the subsidiary, the management of Wapme Systems AG is implementing
its declared corporate strategy which involves streamlining the group’s
organisational structure and focusing the company on its core business of
mobile entertainment. This move largely completes the reorganisation of the
group. The aim is to counteract the diminished consolidated sales primarily
through a significant improvement of the group margins. Up to now these have
been diluted by the low retail margins of more phones GmbH. Further positive
effects arising from the transaction are expected to be an improvement in the
company’s transparency, leading in turn to better comparability for investors.
Further to this, the company is also looking to intensify its communication
with private and institutional investors in the future.
The management and staff can now concentrate fully on the growth mobile
entertainment market.
About the Wapme Group:
Wapme is one of the pioneers in the field of mobile Internet in German-
speaking countries and meanwhile counts as one of the leading service and
content providers for mobile services. The company concentrates mainly on
mobile entertainment products such as dating, adult services, sports, gambling
and mobile phone games on TV. Customers include network operators, Internet
portals, advertising agencies and media groups.
For more information:
Wapme Systems AG
Vogelsanger Weg 80
D-40470 Düsseldorf
Phone: + 49-211-74845-0
Fax.: + 49-211-74845-299
E-mail: info@wapme-group.de
Internet: http://www.wapme-group.de/
Prime Standard ISIN: DE0005495501 // WKN: 549550 // Reuters: wpmg.f
Wapme Systems AG
Vogelsanger Weg 80
40470 Düsseldorf
Deutschland
ISIN: DE0005495501
WKN: 549550
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
End of ad hoc announcement (c)DGAP 21.09.2005
211410 Sep 05
Latest News
Latest Reports
Upcoming Events
No Events found
Webcasts
No Webcasts found