MEDISANA: Resolutions passed concerning capital increase against non-cash capital contributions and unwinding of interest in Gimelli
MEDISANA: Resolutions passed concerning capital increase against non-cash capital contributions and unwinding of interest in GimelliNeuss, September 21, 2011 – The Management and Supervisory boards of MEDISANA AG passed resolutions today to implement a capital increase from approved capital. The company’s current share capital of EUR 7,664,327 is to be increased by 10%, or EUR 766,000, to an amount of EUR 8,430,327, under exclusion of statutory subscription rights. The new 766,000 shares will be issued as part of a non-cash capital contribution for a loan of EUR 2,681,000.
The Management and Supervisory boards of MEDISANA AG also passed a resolution today to unwind the company’s 51% interest in Gimelli Laboratories Co. Ltd., Hong Kong (Gimelli). Gimelli has failed to satisfy revenue and earnings expectations connected with the investment, resulting in significant financial burdens. As part of the unwinding process that will be completed before the end of the 2011 financial year, MEDISANA AG will be reinstated with its original purchase price of USD 2.8 million and 630,000 MEDISANA shares in exchange for its shares in Gimelli.
This separation from Gimelli will provide relief on the cost side, and will exert a positive impact on oper-ating earnings. MEDISANA will continue to utilise Gimelli’s production capacities for manufacturing.
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