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04.03.2002
Intershop CEO to Raise Ownership Stake With Euro 10 Million Cash Investment
Jena, Germany, March 4, 2002 – Intershop Communications AG (Nasdaq NMS: ISHPD, Neuer Markt: ISH), a leading provider of e-business software applications, today announced its CEO, Stephan Schambach, will invest approximately Euro 10 million in cash to purchase Company stock.
In a private equity placement, Intershop Communications AG will issue 8,334,000 new Intershop Communications AG common bearer shares from authorized capital. In turn, Mr. Schambach will purchase all 8,334,000 shares at a price of Euro 1.20 per share. Pricing is based on the XETRA daily closing price at the Frankfurt Stock Exchange on March 1, 2002.
Intershop CEO Stephan Schambach stated, “I feel very confident about this investment. The drastic re-alignment of our business to current market conditions lies behind us, and I see increasing customer confidence in Intershop.”
Upon completion of this transaction, Stephan Schambach will hold 8,336,500 Intershop Communications AG common bearer shares, representing 8.6% of Intershop’s common stock, post transaction. Including the 12,500,000 Intershop Communications AG common bearer shares to be issued to Mr. Schambach based on a share exchange arrangement announced in January of 2002, Mr. Schambach will hold 20,836,500 Intershop Communications AG common bearer shares, or 19.1% of common stock, after these two transactions.
The Company expects the transaction will be dilutive to basic earnings per share on a consolidated group basis. Total shares outstanding following the completion of this transaction stand at 96.5 million and will be at 109.0 million after completion of the announced share exchange. Basic earnings per share for fiscal year 2001 will not be affected by the transaction.
Investor Relations:
Annett Körbs
T: +49-3641-50-1370
F: +49-3641-50-1309
ir@intershop.de
Public Relations:
Dr. Ute Danz
T: +49-3641-50-1000
F: +49-3641-50-1002
pr@intershop.de
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