DGAP-Ad-hoc: ALLGEIER SE / Key word(s): AGM/EGM
Allgeier SE postpones Annual General Meeting
03-Jun-2020 / 12:01 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.
Munich, June 03, 2020 - The Management Board of Allgeier SE (ISIN DE000A2GS633, WKN A2GS63) decided in its meeting today not to convene the Annual General Meeting as planned for June 30, 2020, but to postpone it until the second half of the year. Allgeier SE is thus making use of the corresponding EU regulation to extend the deadline for general meetings of European companies (SEs).
The reason for the rescheduling of the date is, in addition to the ongoing restrictions imposed by measures to prevent the spread of the SARS-CoV-2 virus, the planned spin-off of the international software development and digitization business bundled in the Nagarro Group. The Management Board expects that the decision on the spin-off can be taken later in the year on a better factual basis regarding the effects of the Corona crisis on the Allgeier Group's business as well as the capital and financial markets.
The main purpose of the planned spin-off is to position the Nagarro Group more visibly in the capital market and to make it more directly comparable with the peer group of global software development and digitization companies. The independent listing is intended to provide Nagarro Group with a more attractive valuation in the capital markets and independent access to financing, thereby supporting the further expansion of Nagarro Group.
Due to the current crisis caused by the global spread of the SARS-CoV-2 virus, there is still considerable uncertainty about the extent of the impact on the global economy and the sustainable stabilisation of the international capital and financial markets. Even though Allgeier Group has performed very well in the first months of the 2020 financial year, the Management Board does not wish to initiate this step, which sets the course for Allgeier Group, at a time when considerable uncertainties still persist with regard to the business development of Nagarro Group and the remaining Allgeier Group. The new date for the Annual General Meeting will be announced by the Management Board in the coming weeks.
Notes
It is pointed out that all information and statements for future periods represent expectations of the Management Board based on assumptions and estimates. Future actual developments and future actual results may differ from these assumptions and estimates. Allgeier SE gives no guarantee and assumes no liability that future developments and the actual results achieved in the future will correspond to the assumptions and estimates expressed in this ad hoc announcement.
Contact:
Allgeier SE
Corporate Communications & Investor Relations
Dr. Christopher Große
Einsteinstraße 172
81677 Munich
Phone: +49 (0)89/998421-0
Fax: +49 (0)89/998421-11
E-mail: ir@allgeier.com
Web: www.allgeier.com
03-Jun-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Allgeier SE is a Germany-based holding company which operates in the information technology (IT) services sector. The Company divides the activities into four business segments: IT Solutions, IT Services & Recruiting, as well as Project Solutions. The IT Solutions segment focuses on sales and consultancy services connected with software covering the areas of Enterprise Resource Planning (ERP), Enterprise Content Management (ECM), security solutions (e-mail, electronic signature, identity management), and data center services. The IT Services & Recruiting segment covers the areas of the staffing and recruiting of IT professionals, third-party management, IT and business process consulting, app management, software development and outsourcing/managed services. The Project Solutions segment comprises complex solution projects that focus on management and IT consulting, business process consulting, application management, mobile computing solutions, portal technology and SAP consulting.