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Legal Proceedings Report • Sep 16, 2016
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Legal Proceedings Report
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Ad-hoc | 16 September 2016 17:48
NEW VALUE AG: Liability claims settlement
EQS Group-Ad-hoc: NEW VALUE AG / Key word(s): Legal Matter
2016-09-16 / 17:48
Release of an ad hoc announcement pursuant to Art. 53 KR.
/
Press release
Liability claims settlement
Baar, September 16, 2016
In August 2015, Baar-based New Value AG sold its liability claims against former directors and auditors to an investor.
Since then, the investor has continued to pursue negotiations with the former directors and the former auditor. As of September 16, 2016 a settlement has been reached between the parties. Under New Value AG’s sale of claims agreement with the investor, a substantial share of the payment received by the investor under this settlement will flow back to New Value AG. The actual amount of this payment will be known once the final accounting has been done.
Since possible revenues from the legal proceedings have not yet been taken into account in the balance sheet thus far due to the high levels of uncertainty regarding the duration of the proceedings and the scope of the compensation, this payment will lead to a slight increase in New Value AG’s Net Asset Value (NAV).
The settlement was made under the condition that all damages claims against the former Board chairman are also satisfied by this payment to the investor. Hence, New Value AG’s ongoing civil suit against the former Board chairman will be withdrawn .
About New Value
New Value AG, which is listed on the SIX Swiss Exchange, invests up to now directly in private companies with strong growth potential in Switzerland and neighbouring countries. New Value AG provides growth capital to promote innovative business models and supports the companies to market success. The companies included in the portfolio are mainly related to the cleantech and healthcare sectors.
Stock exchange listings: SIX Swiss Exchange (www.six-swiss-exchange.com)
Ticker symbols NEWN (CH
Security number 1 081 986
ISIN CH0010819867
Contact New Value AG, Zugerstrasse 8a, CH-6340 Baar, Switzerland
Dr. Bernd Pfister
Phone +41 43 344 38 38
Information/
downloads www.newvalue.ch Email: [email protected]
End of ad hoc announcement
| 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 Swiss Exchange |
| End of News | EQS Group News Service |