SUMIDA AG
Vogt Electronic AG english
Restructuring and recapitalization program
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Restructuring and recapitalization program
As a result of continuing weakness in the order book due to the downturn in the
markets served by the electrical and electronics industries, the development in
sales at the VOGT electronic Group over the financial year just expired has
fallen short of target. On the basis of provisional annual figures to September
30, 2002 the Executive Board of VOGT electronic AG has determined that losses
have been incurred which are sufficient to consume at least half of the
company’s capital stock. Therefore in accordance with Section 92, Para. 1 of the
German Stock Corporation Act, the Executive Board intends forthwith to convene
an extraordinary general meeting. Against the background of this development in
business and the continuing modest outlook for the economy as a whole, the
Executive Board has prepared a program to restructure and recapitalize the VOGT
electronic Group which has received the requisite approval of the Supervisory
Board. The aim of this program is to restore the VOGT electronic Group to
profitability in the current financial year 2002/03. As part of the
restructuring program, VOGT electronic will be shedding surplus production
capacities. The Executive Board expects that this will result in one-off
expenditure amounting to some Euro 27 million, for which reserves are being
formed in the annual accounts for 2001/02. The restructuring program is
receiving positive support from those institutions providing finance to the VOGT
electronic Group. To improve the capital structure, it is currently intended to
reduce the company’s capital stock by a ratio of 3:1 and implement a
recapitalization concept which will boost the equity base by around Euro 50
million. The company anticipates issuing option rights, and it is planned to
afford shareholders the right to acquire these options. The recapitalization
concept which is the key to the restructuring program will be submitted to the
general meeting for adoption.
The Executive Board
end of ad-hoc-announcement (c)DGAP 17.10.2002
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WKN: 765 933; ISIN: DE0007659336; Index: SDax
Listed: Amtlicher Markt in München und Frankfurt (SMAX); Freiverkehr in Berlin,
Düsseldorf, Hamburg und Stuttgart
171600 Okt 02
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