asknet AG implements new growth plan, revises targets for 2018 and onwards and resolves on capital increase with subscription rightsSeptember 26, 2018
asknet AG / Key word(s): Capital Increase/Change in Forecast
asknet AG implements new growth plan, revises targets for 2018 and onwards and resolves on capital increase with subscription rights
26-Sep-2018 / 16:31 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
ASKNET AG IMPLEMENTS NEW GROWTH PLAN, REVISES TARGETS FOR 2018 AND ONWARDS AND RESOLVES ON CAPITAL INCREASE WITH SUBSCRIPTION RIGHTS
September 26, 2018, Karlsruhe (Germany) – The Supervisory and Executive Board of asknet AG have decided to implement a new growth plan for the company. Encouraged by a strong performance and high customer demand in the first half of 2018, the new plan aims at accelerating current growth through additional heavy investments in the business, both on corporate level and in the business units. The main focus lies on reinforcing staff in the areas of sales and marketing.
In connection with the new growth strategy, the company also revised its targets for 2018 and onwards. While the new investments will already make a positive contribution to high sales and gross profit growth in the full year 2018, negative earnings before taxes (EBT) are accepted in the current year in favor of stronger growth. Previously, a positive result (EBT) had been projected for 2018. Parallel to continued high investments, the growth plan aims at further accelerating top-line-growth and exceeding the break-even point in 2019. By 2020, the company intends to at least double its sales revenues and gross profit in comparison to the levels forecasted for the full year 2018, resulting in a sustainable, long-term profitability.
To finance the growth plan, today the Executive Board with approval of the Supervisory Board of asknet AG has also decided to execute a cash capital increase. Based on the current share capital of the asknet AG in the amount of 560,370 shares, a capital increase from cash contributions in the amount of up to 93,395.00 euros from the Authorized Capital 2015 will be implemented by issuing up to 93,395 new shares at a subscription price of EUR 10.5 per share. Shareholders are granted their statutory subscription rights. An investor, who is currently not a shareholder of asknet AG, will guarantee the capital increase and underwrite the shares that were not subscribed by existing shareholders until the end of the subscription period. The public offer in connection with the capital increase is to be made without a prospectus, but with a securities information sheet, which has been submitted for approval by the Federal Financial Supervisory Authority (BaFin). Currently the company expects the approval for September 28, 2018. The subscription offer is expected to be published in the Federal Gazette (Bundesanzeiger) on October 4, 2018, with the capital increase to be fully exercised by the first week of November 2018.
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