asknet AG: half-year report shows 1.6 million euros provision set aside for potential retrospective tax payments in NorwayJuly 18, 2016
asknet AG / Key word(s): AGM/EGM
Disclosure of an inside information according to Article 17 MAR,
transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
asknet AG: half-year report shows 1.6 million euros provision set aside for
potential retrospective tax payments in Norway
– 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.
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