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ALLGEIER SE / Key word(s): AGM/EGM
03-Jun-2020 / 12:01 CET/CEST
Munich, June 03, 2020 – The Management Board of Allgeier SE (ISIN DE000A2GS633, WKN A2GS63) decided in its meeting today not to convene the Annual General Meeting as planned for June 30, 2020, but to postpone it until the second half of the year. Allgeier SE is thus making use of the corresponding EU regulation to extend the deadline for general meetings of European companies (SEs).
The reason for the rescheduling of the date is, in addition to the ongoing restrictions imposed by measures to prevent the spread of the SARS-CoV-2 virus, the planned spin-off of the international software development and digitization business bundled in the Nagarro Group. The Management Board expects that the decision on the spin-off can be taken later in the year on a better factual basis regarding the effects of the Corona crisis on the Allgeier Group’s business as well as the capital and financial markets.
The main purpose of the planned spin-off is to position the Nagarro Group more visibly in the capital market and to make it more directly comparable with the peer group of global software development and digitization companies. The independent listing is intended to provide Nagarro Group with a more attractive valuation in the capital markets and independent access to financing, thereby supporting the further expansion of Nagarro Group.
Due to the current crisis caused by the global spread of the SARS-CoV-2 virus, there is still considerable uncertainty about the extent of the impact on the global economy and the sustainable stabilisation of the international capital and financial markets. Even though Allgeier Group has performed very well in the first months of the 2020 financial year, the Management Board does not wish to initiate this step, which sets the course for Allgeier Group, at a time when considerable uncertainties still persist with regard to the business development of Nagarro Group and the remaining Allgeier Group. The new date for the Annual General Meeting will be announced by the Management Board in the coming weeks.