11 88 0 Solutions AG — Capital/Financing Update 2003

Apr 16, 2003

News Details

Ad-hoc | 16 April 2003 08:00

Telegate AG english

Capital increase successfully completed Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Balance sheet strenghtened Munich, April 16th, 2003 – telegate AG completed the combined capital increase by contribution in kind and in cash, which has been decided at a general business meeting in November 2002. By end of last year the main shareholder SEAT Pagine Gialle brought in a shareholder loan within the scope of the capital increase by contribution in kind. By issuing 8.214.355 new shares this transaction resulted in a reduction of debt position up to 30,3 million Euro and therewith in a significant improvement of the companies dept-equity ratio. With respect to a difficult global political situation in general and a high volatility in financial markets as a result, the issue price for the offer, which has been resolved at the shareholder meeting, was higher than the current stockprice. The capital increase by contribution in cash, registered on April 15th has been requested not namably with 10.000 shares, as the company already expected. However a combined capital increase was legally necessary to fully protect the rights of all shareholders. After completion of the capital increase SEAT Pagine Gialle – directly and indirectly – holds 78,4 percent of telegate AG. With a strengthened balance sheet, telegate AG is facing a successful development of German core business and further European expansion. The business year 2003 has been forecasted independently from additional funds through the capital increase by contribution in cash. The European DA markets Spain and UK will be developed with the companies own financial resources. Further Information: telegate AG – Claudia Strixner Fraunhoferstr. 12a; 82152 München-Martinsried; Tel.: +49-89-8954-1188; Fax: +49- 89-8954-1189; e-mail claudia.strixner@telegate.com end of ad-hoc-announcement (c)DGAP 16.04.2003 ——————————————————————————– WKN: 511880; ISIN: DE0005118806; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 160800 Apr 03