Ad-hoc | 31 January 2011 06:30
NEW VALUE AG / Key word(s): Miscellaneous
31.01.2011 06:30
Release of an ad hoc announcement pursuant to Art. 72 KR
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New Value AG, listed on the SIX Swiss Exchange (SIX: NEWN) will discontinue
financing for its portfolio company FotoDesk Group. This online photo
service company did not post expected gains in turnover in the highly
competitive market environment of 2009 and 2010, leading to a need for
fresh capital. The business will be taken over and continue operations
under its management. An earn-out approach defines New Value's
participation in the company's future earnings.
New Value announced its intent to focus on the cleantech and health fields
in early 2010. Streamlining the portfolio also corresponds to this refined
focus, as FotoDesk is the only component that does not belong to these
sectors.
New Value held CHF 3.0 million in FotoDesk Group, representing a 45%
participation. An additional CHF 5.9 million were invested in the form of
loans and convertible loans. New Value will write off the total of CHF 8.9
million during the current fiscal year 2010/11 (at 31 March 2011). The Net
Asset Value (NAV) per share of New Value is decreased from CHF 23.14 at
31.12.2010 to CHF 20.65.
Peter Letter, Head Investment Management for New Value, states: 'FotoDesk
Group was not able to reach critical mass fast enough in a market
characterised by rapid technological change and consolidation, and the
acquisition of netservice.cc completed in mid-2010 did not bring the
expected results. The board of directors therefore decided not to continue
investing resources from New Value, but rather to invest the capital in the
promising cleantech and health segments.'
Information about New Value AG
New Value, listed at the SIX Swiss Exchange, invests directly in promising
private companies in Switzerland and neighbouring countries with
above-average market and growth potential. As an investment company, New
Value promotes innovative business models with venture capital and
accompanies those to market success. The portfolio covers companies of
different stages of development, starting with the market introduction
phase up to medium-sized enterprises with stable profits. The portfolio
contains companies active in cleantech and healthcare. New Value assigns
great value to ethical business concepts and good corporate governance
while selecting their portfolio companies. Criteria such as meaningfulness,
social responsibility and ecological sustainability are considered by New
Value as decisive competitive advantages, which affect and enhance the
quality of products and services offered and thus, facilitate an above
average increase of value potential. With impact investing New Value
creates ethical added value - an entrepreneurial approach based on a unique
combination of economical and ethical performance. Since the formation of
New Value, EPS Value Plus AG, Zurich, has served as investment manager.
Contact:
Peter Letter
31.01.2011 News transmitted by EquityStory AG.
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Language: English
Company: NEW VALUE AG
Bodmerstrasse 9
8027 Zürich
Schweiz
Phone: +41-43-344 38 38
Fax: +41-43-344 38 39
E-mail: info@newvalue.ch
Internet: www.newvalue.ch
ISIN: CH0010819867
Swiss Security Number: 552932
Listed: Freiverkehr in Berlin, Düsseldorf, München,
Stuttgart; Open Market in Frankfurt; SIX
End of Announcement EquityStory News-Service
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