Regulated Information
To the shareholders:
LONDON - August 28, 2015 at 12:00 hours
The purpose of this announcement is to update shareholders on progress towards finalising the audited annual report and accounts of the Company and its subsidiaries ("Accounts") for the year ended 31 December 2014 and convening the annual general meeting of the Company. The last announcement was made on 21 July 2015.
The Company is still in the process of finalising the Accounts so that Ernst & Young can conclude its audit process. Issues remain to be resolved and the accounts will be published as soon as practicable.
As of today and as far as the Board is aware, the shareholders of Your Drinks AG, in which the Company holds shares amounting to approximately 35.6% of the issued share capital of Your Drinks AG, have not been informed about the adoption of the 2014 financial statements of Your Drinks AG, nor have they received notice of the annual general meeting of shareholders of Your Drinks AG. According to the articles of association of Your Drinks AG, the annual general meeting should have taken place in August 2015, taking into account a minimum notice period of 30 days. The Company is not aware of any reasons for this delay nor when the annual general meeting might take place.
As a result, the Company has no access to the financial statements of Your Drinks AG for 2014 and is therefore still not in a position to fully evaluate the commercial and financial risks which face Your Drinks AG and which are expected to be described in the reports of Your Drinks AG and discussed at its annual general meeting. To date, the Company does not know the quantity of sales by Your Drinks AG over 2014 (if any) and therefore cannot calculate the level, if any, of royalty fees due to the Company or its subsidiary pursuant to agreements entered into with Your Drinks AG.
Your Board wishes to inform shareholders that Your Drinks AG has recently claimed a further EUR 1.000.000 from a subsidiary of the Company under a royalty agreement, which the Board is evaluating with the assistance of legal counsel. Your Board is also evaluating with the assistance of legal counsel the loan and royalty agreements which were entered into with the benefit of the proceeds of sale of Fleischhauer, as previously reported, in 2014.
As soon as the Company is able to publish its Accounts, it will set a date for its annual general meeting. A further consultation meeting will be planned on the same date as the annual general meeting for the purpose of further informing shareholders.
Board of Directors
Mr. P. Zwart (CEO)
Mr. W. Bouma
Mr. A. van Raak