029 Group SE

Delisting Announcement • Aug 7, 2002

News Details

Ad-hoc | 7 August 2002 20:59

GFN AG english

GFN applies for admission to the Geregelter Markt Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– In line with a resolution passed by the Management and Supervisory Boards, Stuttgart-based GFN AG has submitted an application to Deutsche Börse AG to switch its listing from the Neuer Markt to the Geregelter Markt of the German stock exchange. The company`s listing on the Neuer Markt will terminate at the close of trading on August 28, 2002. GFN shares will be quoted on the Geregelter Markt for the first time as of August 29, 2002. Although not strictly required to do so, GFN intends to continue publishing its annual financial statements and interim reports in accordance with IAS. Concord Effekten AG will continue to act as the company`s equity brokers and, as its designated sponsor, will also guarantee that GFN shares can be traded on the Geregelter Markt. The company has voluntarily opted to switch market segments in response to the Neuer Markt`s generally weak development and the high ongoing listing costs associated with this market segment. As a result of the switch, the company expects to economize on annual costs of around 250,000 euros. The company`s decision to move was reinforced at the shareholders` meeting in June 2002 which expressed its view that a change of segment would be in the best interests of shareholders. The Management Board also takes the view that the company`s listing on the Neuer Markt is no longer helpful in terms of raising funds – nor is there any prospect of the situation changing in the longer term. Along with a number of other firms, GFN successfully appealed before the Higher Regional Court in Frankfurt against its mandatory delisting from the Neuer Markt under the segment`s penny stock rules. The new decision to withdraw from the segment voluntarily is based solely on cost-benefit considerations. end of ad-hoc-announcement (c)DGAP 07.08.2002 ——————————————————————————– WKN: 587980; ISIN: DE0005879803; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, und Stuttgart 072059 Aug 02