asknet AG: half-year report shows 1.6 million euros provision set aside for potential retrospective tax payments in Norway

July 18, 2016

Insider information pursuant to Article 17 MAR.

  • Company is not facing a going concern or liquidity risk
  • Extraordinary general meeting has been called to announce a loss pursuant to section 92 paragraph 1 of the German Stock Corporation Act (AktG – Aktiengesetz)
  • Appointment of Tobias Kaulfuss to the Executive Board has been extended until December 31, 2018

Karlsruhe, July 18, 2016 – The audit of company’s calculation policy for Norwegian VAT by an auditing firm commissioned by the company as announced on June 24, 2016 is still ongoing. In compliance with its duty under German law to exercise commercial prudence, the Executive Board has set aside a provision amounting to 1.6 million euros as per June 30, 2016 in respect of this issue. The setting aside of this amount has resulted in a loss amounting to half the company’s share capital effective June 30, 2016. While this situation does not represent a going concern or liquidity risk, the company is complying with its pertinent legal obligations in calling an extraordinary general meeting of shareholders on August 23, 2016. The agenda for this general meeting comprises the announcement of a loss in accordance with section 92 paragraph 1 of the German Stock Corporation Act (AktG – Aktiengesetz) as well as the authorisation to issue convertible or warrant-linked bonds, profit participation rights or income bonds within a period of five years. Moreover, the company secures the right to create contingent capital of up to 1.5 million euros which is envisaged to create potential growth scenarios for the company going forward. The half-year report will be published ahead of the extraordinary general meeting of shareholders on August 22, 2016.

According to an early opinion provided by the company’s legal advisors, the potential retrospective tax payments may mean that asknet is entitled to damages from third parties. The company intends to pursue these claims as soon as possible after the conclusion of the audit.

In addition, the company has announced that the Supervisory Board has extended the appointment of Tobias Kaulfuss as sole member of the Executive Board until December 31, 2018, thereby ensuring continuity in the implementation of the company’s growth strategy.

Press contact
asknet AG
Madeleine Clark
+49 (0)721 96458-6116