KINGHERO AG

  • WKN: A0XFMW
  • ISIN: DE000A0XFMW8
  • Land: Deutschland

Nachricht vom 20.12.2013 | 14:50

KINGHERO AG: First Measures taken to ensure the Cash Position


KINGHERO AG / Key word(s): Restructure of Company

20.12.2013 / 14:50


KINGHERO AG: First Measures taken to ensure the Cash Position

Wiesbaden, December 20, 2013. To secure the cash position of KINGHERO AG the management board has concluded arrangements with debtees. These arrangements shall secure the financial situation of the company for the time being in order for the company to remain capable of acting.

On the operating level the management board of the German Holding Company has started restructuring measures in the affiliated company KINGHERO Group Holdings Ltd. They concentrate mainly on securing further influence spheres including the affiliated companies Kinghero Fashion (Xiamen) Co. Ltd. and Xiamen Michelle Co. Ltd.

Furthermore the management team of the company is in contact with investors concerning short-term restoration benefits and further restructuring measures.

The management board and the supervisory board of KINGHERO AG plan to convene an extraordinary general meeting during the first quarter 2014. If required, the committee may decide on additional measures to ensure the continuity of KINGHERO AG.

Regarding the outstanding consolidated financial statements for the year 2012 the situation is still the following: The management board of KINGHERO AG demanded the management of the operative entities in China several times to present auditable consolidated financial statements for the financial year 2012. Furthermore, the operative entities were asked to remove the obstacles preventing KINGHERO's auditor for the financial year 2012, Warth & Klein Grant Thornton AG Wirtschaftsprüfungsgesellschaft ('Grant Thornton'), to work on the consolidated financial statements. The auditor has presented these obstacles at the end of October 2013. The operative entities in China have not met repeated requests until today.

Therefore the management board of KINGHERO AG could not finish the consolidated financial statements yet. At present the management board acts on the assumption that no auditable consolidated financial statement can be presented for the year 2012 for the time being.

The members of the management board and the supervisory board will inform the investors immediately when new progress can be reported.

For further information please contact:

Kirchhoff Consult AG
Dr. Kay Baden
Phone: +49 (0)40 60 91 86 0
baden@kirchhoff.de

KINGHERO AG
Hagenauer Str. 47
D-65230 Wiesbaden
Phone: +49 (0)611 335 497 28
Fax: +49 (0)611 335 497 29

Disclaimer concerning prognoses
This communication contains forward-looking statements. Forward-looking statements are statements that are not historical facts instead they reflect KINGHERO's current views and expectations and the assumptions underlying them about future events. Forward-looking statements are subject to many risks and uncertainties. If any of such risks and uncertainties materialise or if the assumptions underlying any of KINGHERO's forward-looking statements are proving to be incorrect, KINGHERO's actual results may be materially different from those expressed or implied by such forward-looking statements. KINGHERO does not intend or assume any obligation to update these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made.



End of Corporate News


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245931  20.12.2013

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