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New Supervisory Board members and additional shareholder for GERRY WEBER International AG
December 06, 2019
- General Assembly elected “high caliber” experts to the Supervisory Board, representing shareholders
- J.P. Morgan Securities plc joins current shareholders by capital increase in cash
Bielefeld, 6 December 2019 – At its first General Assembly following the effectiveness of the insolvency plan, the shareholders of GERRY WEBER International AG, Robus Capital Management and Whitebox Advisors, have elected new Supervisory Board members representing the shareholders. At the meeting on 3 December 2019, the General Assembly unanimously elected: Alexander Gedat, Chair of the Supervisory Board of Ahlers AG, Herford, and former CEO of Marc O’Polo AG, Dagmar Heuer, Business Consultant, Dr Tobias Moser, Lawyer, Milan Lazovic, Senior Analyst at Whitebox Advisors, Christie Groves, Portfolio Manager at Whitebox Advisors and Sanjay Sharma, Advisor at Maltings Place. Alexander Gedat is expected to take over the chair of the Supervisory Board, once the governing body has been constituted. The new Supervisory Board members will assume their roles with immediate effect and replace the former Supervisory Board members representing the shareholders.
The employee representatives on the Supervisory Board require confirmation by the local court of Gütersloh, which is expected to take place in the next week. The confirmation is necessary, since the regular terms of the employee representatives expired on 30 November 2019. Once the local court has confirmed the employee representatives, the Supervisory Board can constitute itself, which is expected for 16 December 2019.The current employee representatives will at large continue to serve the governing body of GERRY WEBER and will, subject to the confirmation by the local court, consist of the following members: Olaf Dieckmann, Klaus Lippert, Andreas Strunk, Rena Marx, Manfred Menningen and Barbara Jentgens. However, new elections for the employee representatives will take place in due course and are expected to be concluded in May 2020.
“Perfectly fit state-of-the-art governance standards”
Benjamin Noisser, Portfolio Manager for Robus Capital Management Ltd., comments: “We were able to attract very high caliber experts for the new Supervisory Board of GERRY WEBER, who possess not only excellent industry know-how but also perfectly fit state-of-the-art corporate governance standards, including diversity. That is what we are very proud of.”
Further, the General Assembly decided on a capital increase in cash from currently Euro 1,025,000 to a subscribed share capital of Euro 1,220,238. The 195,238 new shares will be fully subscribed by J.P. Morgan Securities plc, increasing the number of common shares outstanding to 1,220,238. The capital increase still has to be entered into the commercial register by the local court of Gütersloh. This is expected to take place in the near future. JP Morgan already partnered with both Robus Capital Management and Whitebox Advisors throughout the insolvency proceedings of GERRY WEBER.
Johannes Ehling, Spokesman of the Managing Board of GERRY WEBER International AG, adds: “We in the Managing Board, including Florian Frank and Urun Gursu, are very pleased to welcome J.P. Morgan as a new shareholder of GERRY WEBER. This clearly demonstrates the strong belief of a very prominent name among the international institutional investor community in the success of our company.”
Due to the aforementioned changes and their various implications, the presentation of the Annual Report of GERRY WEBER International AG for the financial year 2017/18 (31 October) will be postponed to the end of January 2020. Initially, the Annual Report was scheduled for 22 December 2019.
Since 25 January 2019, GERRY WEBER International AG undergoes insolvency proceedings under self-administration. Proceedings were opened on 1 April 2019. An insolvency plan in order to conclude the insolvency proceedings became legally valid on 25 October 2019 and is now being implemented. According to the insolvency plan, Robus Capital Management and Whitebox Advisors became the sole shareholders of GERRY WEBER International AG, effective 31 October 2019. The unchanged goal remains the revocation of the insolvency proceedings under self-administration at beginning of 2020 at latest, to finalize the financial repositioning of GERRY WEBER Group.
GERRY WEBER Group
GERRY WEBER International AG, headquartered in Halle/Westphalia, is a worldwide operating group, uniting three strong brand families under one roof: GERRY WEBER, TAIFUN and SAMOON. Furthermore, GERRY WEBER holds a non-strategic stake of 12% in HALLHUBER GmbH.
Contact GERRY WEBER:
GERRY WEBER International AG
Phone: +49 5201 185320
Lucia Mathée / Gundolf Moritz
MATHEE GmbH / Mirnock Consulting GmbH
Phone: +49 6227 732772
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