The Native SA Calls for Annual Shareholders Meeting to Change Name, Board, Strategic
Direction and Approve Recapitalization
June 8, 2021, Basel, Switzerland - The board of directors of The Native SA (NTIV, or the "Company") has approved today the agenda for the annual shareholders meeting (the "AGM") to take place on June 30, 2021, the agenda is published here: https://thenative.ch/meetings/
Pending the final closure of all insolvency procedures by Basel court (for details please see press release of May 10, 2021) and following the publication of audited annual results for the year 2020, which recognizes material improvements of profitability and shareholders' equity compared to prior periods (for details please see press release of April 30, 2021), the current board of The Native SA made a great effort to identify the new business strategy and partners for the Company that could benefit from more than 20 years of Swiss listing and efficient corporate and investment headquarters in Basel.
"We are pleased to announce today our recommended choice for the new board and strategic leadership for The Native SA and bring the Company to the new chapter with an exciting strategy, experienced leadership and significant capital required to deliver on new plans for the Company," commented Patrick Girod, the outgoing Chairman of The Native SA.
None of the board members of The Native SA will stand for re-election at the AGM, but they will remain long-term supporting shareholders of the Company directly or through investment vehicles under the newly appointed board's control. The board recommends to the Company's shareholders to vote at AGM for the election of the new board to be composed by Adam Lindemann, US citizen, residing in the US, Clive Ng Cheang Neng, Malaysian citizen, residing in the US and Massimiliano Iuliano, Italian citizen, residing in Switzerland and to be chaired by Adam Lindemann, a seasoned New York-based investment professional.
The board of directors further proposes to approve the change of the Company's name to "Youngtimers AG", and to support the new capital increase of the Company at an issue price of CHF 0.7 per share for a gross cash consideration of minimum CHF 20 million to a maximum of CHF 40 million to be completed in Q3 2021 (as recapitalization of the Company without granting the pre-emptive rights to existing shareholders). The proceeds from the capital increase will be used to finance a series of acquisitions in e-commerce services, media and luxury goods industries, thus preserving the original competences of the Company, but refocusing it on collectable cars and auxiliary sports and entertainment activities.
"I have been a passionate collector and investor in collector cars for decades and am thrilled about the opportunity to lead the Company into consolidating the collector car trading space and modernizing it through the use of a new product mix, including blockchain technology and new e-commerce and finance-tech capabilities in order to focus on a younger generation of
consumers and improving the visibility of cars as an alternative investment class," commented Adam Lindemann, the incoming Chairman of the Company.
The Company will remain headquartered in Basel, and upon approval of the name and board change at the AGM on June 30 will switch its ticker to YTME at Swiss Stock Exchange.
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