Archive
01.03.2005
Intershop Communications announces reverse stock split
Jena, Germany – March 1, 2005 - Intershop Communications AG (Prime Standard: ISH1) today announced that preparing the 2004 balance sheet of the Company, the German Intershop Communications AG, according to German accounting standards (HGB) has shown a loss of more than 50 % of the share capital.
Such loss has been effected by the losses in the fiscal year 2004 and extraordinary asset write-downs of shareholding in subsidiaries as of December 31, 2004. In order to notify the shareholders of such loss the Management Board will, in accordance with article 92, section 1 of the German Stock Corporation Law (Aktiengesetz) immediately convoke a shareholders’ meeting to take place on April 26, 2005. For the purpose of consolidating the share capital, the Management Board will suggest to the shareholders’ meeting the approval of a simplified capital decrease in a ratio of 1: 3 by means of a 1-for-3 reverse stock split on Intershop common bearer shares. This capital reconsolidation will conclude the extensive reconsolidation and refinancing of the Company during the past two years which were characterized by a massive employee and cost reduction and a refinancing by issuance of convertible bonds (Wandelanleihe).
The asset write-downs, exclusively at Intershop’s holding company, will not impact the consolidated group results.
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
RSS