eJay AG
eJay AG english
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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eJay announces restructuring programme
Existing shareholders subscribe increase in capital
Stuttgart, 31 August 2001. eJay AG, based in Stuttgart, are planning a return to
profitability with the introduction of a streamlining restructuring programme. A
thorough company analysis was conducted together with Ebner, Stolz and Partner,
Stuttgart, in July, which provides the basis of this restructuring policy. A
set of measures has been derived from the results, with which the formulated
targets for the future should be met. The emphasis of this restructuring policy
is to streamline the company and to focus on the profitable main music software
business sector.
The first action has already been taken; as already announced in the Ad hoc
announcement from July 9, the company has now split from the unprofitable
sectors of its online service. The number of eJay employees throughout Europe
has been reduced by approx. 25 % during the last few months. The first signs of
success are noticeable in the music software sector. Once the conversion to the
new distribution partner has been completed in Germany (for 1.10.2001), the
global distribution logistics will also be optimised. Besides the territorial
strengthening of distribution channels, another important step is to transfer PC
music software to other platforms, e.g. the PlayStation 2. These changes will
release additional sales revenue for eJay.
The financial concept, developed as a result of the company analysis to
successfully execute these restructuring measures, intends to increase capital
from contributions in cash. The executive and supervisory boards have decided to
increase the companys capital stock of ten million Euro by 710,600 Euro of
authorised stock. The subscription right for these shares is excluded in
accordance with § 186 subsection 3 clause 4 AktG. All new shares will be
subscribed by existing shareholders at an issue price of 1.10 Euro per share.
This represents a rise of 90 % on the Xetra closing price from 30.08.01.
end of ad-hoc-announcement (c)DGAP 31.08.2001
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WKN: 549 570; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
310756 Aug 01
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