Nedfield convenes an extraordinary meeting of the shareholders
Doorn, 15 June 2009
Taking in consideration the scope of the recent developments within the Nedfield Group, Nedfield NV (The Company) convenes an extraordinary meeting of shareholders, which is scheduled for the 30th of June 2009. During this shareholders meeting The Company would like to present its financial situation and strategy to the shareholders, ask approval to publish the annual report at a later date and also ask approval to postpone the annual General Meeting of the Shareholders.
Request for extension
During 2009 many changes and developments occurred within the Nedfield Group such as the bankruptcy of Nedfield’s subsidiary Tulip Beteiligungs GmbH and the more recent events at 2L International BV. The company communicated about these occurrences in recent press releases.
Moreover, the company is of the opinion that it already lost the actual control over some of its previous German subsidiaries in 2008. Presently The Company is in discussion with its external auditor whether or not to consolidate aforementioned German activities in the annual report 2008 and to assign the correct values to its various business segments. Taking before mentioned facts into account it was impossible to have the annual figures prepared within the precribed timeframe by law and the AFM (Governmental Regulating Institution for Financial Reporting). The temporary suspension of payment of 2L International BV as of the 4th of June and the potential new consequences for Nedfield surrounding this event prevented Nedfield to produce the annual accounts within the timeframe set by law and the by the AFM, whom by appointment granted to report the annual figures latest 15 June 2009.
As a result of these extraordinary circumstances the company requests, as stipulated in article 25 paragraph 2 and article 27 paragraph 2 of its Articles of Association, the shareholders for an extension for a maximum of 6 months to publish the annual report, as well as to postpone the General Meeting of the Shareholders to a later date. Consequently The Company will consult with the AFM concerning the newly developed situation.
Sale of assets
As mentioned in previous press releases communicated by Nedfield, The Company is investigating the possibilities to, either in whole of in parts, to sell some of its business segments and/or other assets. The potential income generated by the before mentioned sale of assets will be utilized, amongst others, to redeem financing facilities and creditors. At this moment The Company cannot estimate how much will be left of the generated income after repaying its debts. In order to create maximum flexibility to negotiate with external parties as well as to be able to act quickly when the various opportunities occur, upfront approval will be requested from the shareholders to accommodate the sale of assets.
Additional Information
For additional information please contact our press officer at +31 6 1585 1326 or press@nedfield.com.