The NAGA Group AG

  • WKN: A161NR
  • ISIN: DE000A161NR7
  • Land: Deutschland

Nachricht vom 18.04.2019 | 11:22

The NAGA Group AG restructures Naga Group of Companies, Mr. Yasin Qureshi switches to the chair of the new advisory board

The NAGA Group AG / Key word(s): Strategic Company Decision/Personnel
The NAGA Group AG restructures Naga Group of Companies, Mr. Yasin Qureshi switches to the chair of the new advisory board

18-Apr-2019 / 11:22 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Disclosure of an inside information acc. to Article 17 MAR 

The Naga Group AG restructures Naga Group of Companies, Mr. Yasin Qureshi switches to the chair of the new advisory board

- Cost savings and focus on the profitable Social Investing Platform NAGA Trader, shall lead the Naga Group of companies in total to profitability

- Based on an orderly balance sheet and financial basis the company's outlook for the future is optimistic

Hamburg, April 18, 2019

Considering the continuing uncertainties about the development of the capital markets, namely the markets for digital currencies (cryptocurrencies) the management board and the supervisory board of The Naga Group AG have decided to restructure the Naga Group of Companies. As the Company is launching the restructuring at an early stage based on an orderly balance sheet and financial basis, the management board assumes that the actions to be taken can be realised without additional funding.

The aim of the restructuring is to lead the Naga Group of companies to profitability by cost savings of approximately 60% to 70% compared to the fiscal year 2018, focussing on the profitable Social Trading Platform NAGA Trader, primarily growing its customer base and sales organically. The agreed actions encompass to unite all operational tasks at the group's location in Cyprus and to reduce functions and personnel at the locations Hamburg and Spain. As part of these actions, the headcount of the management board is reduced from three to two board members. Effective 30 April 2019, Mr. Yasin Qureshi shall switch from the management board to the new advisory board of the company as its chairman. Namely, the areas strategy, innovation, business development, and M&A, for which Mr. Qureshi has been responsible in the past will continue to be advised by Mr. Qureshi as well decisively in the future.

The restructuring actions will show their full impact only in the fiscal year 2020, while they will generate extraordinary expenses before. For the following years, the company assumes significantly increasing sales and profits, namely due to the organic growth on the basis of the noticeably reduced cost base. However, due to the uncertainties in the market environment, it is still too early to issue a firm prognosis.

Contact:
The NAGA Group AG
Andreas Luecke
Management Board
Neustädter Neuer Weg 22
20459 Hamburg
Tel.: +49 40 5247 791 53


18-Apr-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



show this

Event im Fokus

Fachkonferenz Beteiligungsgesellschaften, 15.07.2020

Fachkonferenz Consumer / Leisure, 16.07.2020

Die Konferenzen finden aufgrund der aktuellen Situation nicht in den Räumen der Börse München statt, sondern als Online-Konferenz.

GBC-Fokusbox

Anleihe der German Real Estate Capital S.A. stark überdurchschnittlich attraktiv

Die Anleihe der German Real Estate Capital S.A. weist aktuell eine Effektivverzinsung von ca. 14 % auf. Da es sich hier quasi um eine Immobilien-Anleihe handelt, ist das Anleiherisiko überschaubar. Insgesamt verfügt die German Real Estate-Gruppe über 6 Objekte, 24 Bestands- und 22 Handelsobjekte, womit eine Kombination aus stetigen Einnahmen und attraktiven Entwicklerrenditen erreicht wird. Wir stufen die Anleihe als stark überdurchschnittlich attraktiv ein.