Legal Proceedings Report • Aug 3, 2015
Legal Proceedings Report
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News Details
Ad-hoc | 3 August 2015 18:00
NEW VALUE AG: Sale of liability claims
NEW VALUE AG / Key word(s): Miscellaneous
2015-08-03 / 18:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
/
Press Release
Sale of liability claims
Baar, Switzerland, 03 August 2015
New Value AG, based in Baar, Switzerland, has conducted negotiations to enforce the liability claims against the former members of the Board of Directors and the former auditing company, also with the representatives of the relevant D&O insurance (liability insurance of the Board of Directors). So far, an agreement has not yet been reached in these negotiations.
A longer-term conflict and cost-intensive lawsuit to enforce these damage claims is no longer consistent with the defined, medium-term oriented implementation strategy of New Value AG. In order to plan this matter in a better way while limiting the risk, New Value AG has found a partner willing to assume the claims against the former board members and the former auditor. The contract was signed on 03 August. The claims for compensation of damages against the former president of the Board of Directors and other responsible parties, which New Value AG will pursue independently, were not a part of this contract and were not transferred.
The buyer has agreed to reimburse up-front an initial portion of the claims. Thus, New Value AG will immediately gain liquidity. Further proceedings are cost-neutral for New Value AG, as all legal and court costs will be borne by the investor. The contract is designed such that New Value AG will participate substantially in the future proceeds from any agreement or court proceedings.
Due to the fact that possible proceeds from the legal proceedings have not yet been taken into account in the balance sheet because of the high degree of uncertainty with regard to the duration of the proceedings and the scope of the compensation, the agreed initial payment resulting from the sale of the claims will lead to an increase in the Net Asset Value (NAV) of New Value AG by CHF 0.23.
Additional information about New Value
New Value AG, which is listed on the SIX Swiss Exchange, invests directly in private companies with above average market and growth potential in Switzerland and neighbouring countries. New Value promotes innovative business models with growth capital and accompanies the companies to market success. The portfolio includes companies in various degrees of maturity. The portfolio has companies in the areas of cleantech and health care.
Listing: SIX Swiss Exchange (www.six-swiss-exchange.com)
Ticker symbol: NEWN (CH)
Security number: 1 081 986
ISIN: CH0010819867
Contact: New Value AG, Zugerstrasse 8a, CH-6340 Baar, Switzerland
Hans van den Berg, President of the Board of Directors
Tel.: +41 43 344 38 38
Information/
Downloads www.newvalue.ch Email: [email protected]
End of ad hoc announcement
2015-08-03 News transmitted by EQS Schweiz AG. www.eqs.com – news archive: http://switzerland.eqs.com/de/News
The issuer is responsible for the contents of the release.
| Language: | English |
| Company: | NEW VALUE AG |
| Zugerstrasse 8a | |
| 6340 Baar | |
| Switzerland | |
| Phone: | +41 43 344 38 38 |
| Fax: | |
| E-mail: | [email protected] |
| Internet: | www.newvalue.ch |
| ISIN: | CH0010819867 |
| Valor: | 552932 |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart; Open Market in Frankfurt ; SIX |
| End of News | EQS Group News-Service |
| - - - |
| 383197 2015-08-03 |
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