DGAP-News: SKW Stahl-Metallurgie Holding AG

CEO und Supervisory Board emphatically reject additional motions for ordinary general assembly on October 10, 2017

Positive continuance prognosis of SKW expired

- CEO Dr. Kay Michel: "Obvious attempt to gain control over SKW accepting the company being exposed to an imminent risk of insolvency"

München, 12. September 2017 - SKW Stahl-Metallurgie Holding AG has received motions for additional topics on the agenda for the scheduled ordinary general assembly on October 10, 2017 as of § 122 Abs. 2 AktG. Applicant is MCGM GmbH, Munich, together with other shareholders of the company. The managing director of MCGM GmbH, Dr. Olaf Marx, is also member of the Supervisory Board of SKW Stahl-Metallurgie Holding AG. CEO and all remaining five members of the Supervisory Board emphatically reject the motions. They regard such as an attempt to jeopardize the financial restructuring of the Company agreed with the finance investor Speyside (see our press release August 25, 2017).

MCGM GmbH requests among others to resolve on removing three members of the Supervisory Board plus election of a new member of the Supervisory Board, a decrease of the size of the Supervisory Board to four members, several motions to nominate a special investigator and to withdraw confidence in CEO Dr. Kay Michel. Moreover the shareholder requests to resolve on an increase of the share capital of the Company in cash with subscription right of up to 13.089.860 Euro to up to 19.634.790 Euro by issuing 13.089.860 new shares at a subscription price of at least 1,00 Euro per share. Shares not subscribed shall be offered to MCGM [Metal Funds 1] GmbH, München.

CEO and all remaining members of the Supervisory Board reject the intended removal of independent members of the Supervisory Board Dr. Ramsauer, Mr. Stegmann and Mr. Weinheimer, moreover they assess the proposed cash capital increase as not appropriate to reach the urgent needed comprehensive debt relief of SKW Stahl-Metallurgie Holding AG and SKW group, such being on the agenda of the ordinary general assembly. Without such a financial restructuring agreed with the investor Speyside Equity the existence of SKW Stahl-Metallurgie Holding AG is imminently at risk.

On the other hand the petitioners hold more than 10% of the registered share capital of the Company. Based on the content of the request for the amendment of the agenda, the CEO is going to work on the assumption that the petitioners will vote against the proposals of the management for a Debt-to-Equity-Swap by Speyside Equity.
Based on presence and registration to former general assemblies of approximately 35% of the registered share capital, CEO has come to the conclusion that it is not predominantly likely that the agenda items of the management regarding the capital reduction and the capital increase against contribution in kind (debt-to-equity-swap) will reach the necessary majority of ¾ of the votes.

Thereby, the positive continuance prognosis of SKW Stahl-Metallurgie Holding AG has expired and the insolvency reason of overindebtedness is applicable to the Company. During the legally binding 3-week period the CEO will strive to sustainably eliminate the insolvency reason of overindebtedness to avoid having to file for insolvency.

Dr. Kay Michel, Vorstand (CEO) of SKW Stahl-Metallurgie Holding AG: "These motions of MCGM GmbH and its supporters in our view are the obvious attempt, with a wave of the hand to gain control on SKW via a cash capital increase. At the same time the only realistic measures aligned with the banks to save our company shall be jeopardized. Contrary to the investor's offer of Speyside Equity the cash capital increase as proposed by MCGM GmbH does not come close the urgent necessary debt relief of our company. SKW Metallurgie's would be put imminently at risk, shareholders could undergo a complete loss. Our Company may not become the plaything of intransparent interests of single persons in such an existential phase. Dr. Marx and his comrades accept the risk of insolvency and play with 600 jobs in our group."

Ansprechpartner:
Thomas Schulz
Telefon: +49 171 86 86 482
Mail: tsc@tsc-komm.de
Internet: www.skw-steel.com

Über SKW Stahl-Metallurgie Holding AG und den SKW Metallurgie Konzern

Der SKW Metallurgie Konzern ist Weltmarktführer bei chemischen Zusatzstoffen für die Roheisenentschwefelung sowie bei Fülldrähten und anderen Produkten für die Sekundärmetallurgie. Die Produkte des Konzerns ermöglichen Stahlproduzenten die effiziente Herstellung hochwertiger Stahlprodukte. Zu den Kunden zählen die weltweit führenden Unternehmen der Stahlbranche. Der SKW Metallurgie Konzern kann auf mehr als 50 Jahre metallurgisches Know-how zurückblicken und ist heute in mehr als 40 Ländern aktiv. Die Zentrale des SKW Metallurgie Konzerns befindet sich in Deutschland; die Produktionsstandorte liegen in Frankreich, den USA, Kanada, Mexiko, Brasilien, Südkorea, Russland, der VR China und Indien (Joint Venture). Der Konzern erzielte 2016 einen gerundeten Gesamtumsatz von 230 Mio. Euro und beschäftigt rund 560 Mitarbeiter (Stand 31. Dezember 2016).

Die Aktien der SKW Stahl-Metallurgie Holding AG notieren seit dem 1. Dezember 2006 im Prime Standard der Wertpapierbörse in Frankfurt/M. (Deutschland), seit 2011 (Umstellung auf Namensaktien) unter WKN SKWM02 und ISIN DE000SKWM021.

Disclaimer

Diese Pressemitteilung enthält möglicherweise bestimmte in die Zukunft gerichtete Aussagen, die auf den gegenwärtigen Annahmen und Prognosen der Unternehmensleitung des SKW Metallurgie Konzerns und anderen derzeit verfügbaren Informationen beruhen. Verschiedene bekannte wie auch unbekannte Risiken und Ungewissheiten sowie sonstige Faktoren können dazu führen, dass die tatsächlichen Ergebnisse, die Finanzlage, die Entwicklung oder die Leistung der Gesellschaft wesentlich von den hier abgegebenen Einschätzungen abweichen. Die SKW Stahl-Metallurgie Holding AG beabsichtigt nicht und übernimmt keinerlei Verpflichtung, derartige zukunftsgerichtete Aussagen zu aktualisieren und an zukünftige Ereignisse oder Entwicklungen anzupassen.