SiC Processing GmbH
SiC Processing GmbH: Extraordinary shareholders’ meeting on loss of half of the company’s equity
SiC Processing GmbH / Key word(s): Private Equity Quasi-ad hoc-Announcement of
SiC Processing GmbH,
Extraordinary shareholders' meeting on Hirschau, January 17, 2013 – The management of SiC Processing GmbH has decided today to call for an extraordinary shareholders' meeting, scheduled for 24 January 2013 pursuant to section 49 (3) of the German Act on Limited Liability Companies in order to inform all shareholders about the loss of more than half of the company's equity. After the filing for approval of protective shield proceedings on 18 December 2012 and assessment of the critical developments in the solar industry, its impact on the company and its customer base, the management of SiC Processing GmbH undertook necessary devaluations of its assets. As a consequence, the company has now booked substantial preliminary impairments on its investments in subsidiaries of close to EUR 100m, which is still subject to audit. The preliminary impairments made result in the loss of more than half of the company's equity leading to a status of negative equity of approx. EUR -90m (taking into account a deduction of loss transfer of SiC Processing (Deutschland) GmbH in the amount of approx. EUR -10m). Therefore and in compliance with section 49 (3) of the German Act on Limited Liability Companies, the management has called today for an extraordinary shareholders' meeting, scheduled for 24 January 2013 in order to inform all shareholders accordingly.
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Press Contact: N.B. The text in English is a courtesy translation from German only. In the event of any discrepancies between the two, the German original text shall prevail. End of financial news 17.01.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory 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 |
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