Regulated and Insider Information
To the shareholders:
Londen - 20 januari 2017 om 08:30 uur
During the annual general meeting held on 15 July 2016 ("AGM"), a resolution was passed authorizing the directors, notwithstanding any provision of the Company's articles of association to the contrary, to dispose of any subsidiary or asset of the Company on such terms as they see fit, and stating that the provisions of article 88a shall not apply to any such disposal.
As discussed during the AGM and noted in the statement published on the Company website on 15 July 2016 ("Statement"), there are no remaining commercial activities within the Company and its subsidiaries and there is little room for nor commercial sense regarding future investments and/or activities on the part of the Company and/or Algo Vision Systems GmbH ("Algo Vision"). Continuation of the business is a very costly exercise as a result of the complex structure of the Company and such costs are expected to continue. The Board believes the continuation of the Company in the long term is not in the interests of the shareholders.
As discussed during the AGM and explained in the Statement, the Board therefore intends to arrange for a full and orderly liquidation of the group in the longer term. In connection thereto, the Board hereby informs the shareholders that it is investigating, inter alia, the possibility of a short term sale of its assets through a controlled auction to one interested buyer. Information with respect to this sale and auction will be placed on the Company website. The auction protocol is currently in preparation and will also be placed on the Company website. Shareholder approval will be sought prior to the actual sale.
Your Drinks ClaimThe Shareholders are informed that Your Drinks AG has filed legal proceedings against the Company's subsidiary Algo Vision demanding payment under a royalty agreement to the amount of EUR 1.050.000. The Company strongly contests this claim. As stated during the AGM, the Company and Algo Vision are of the opinion that the royalty agreement (and other agreements entered into with Your Drinks AG) is (/are) not valid and that even if this were not to be the case, there are grounds for substantial claims against Your Drinks. Algo Vision will therefore put forward a strong defense and substantial counter claim. The Board notes that (the management of) Your Drink AG has neither convened an annual general meeting in 2016 within the statutory deadline, nor deposited its annual accounts for 2015 with the German Federal Gazette or made them available to the shareholders, despite requests thereto.
Board of Directors
Mr. P. Zwart (CEO)
Mr. W. Bouma
Mr. A. van Raak