Heliad Equity Partners GmbH & Co. KGaA / Key word(s): Investment/Preliminary Results
Heliad Equity Partners GmbH & Co. KGaA: Heliad signs stock option agreement with WAOW Group for the sale of most of its shares in SLEEPZ AG
28-March-2019 / 22:50 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
- Heliad signs stock option agreement with WAOW Group for the sale of most of its shares in SLEEPZ AG
- Comprehensive loan waiver to SLEEPZ AG with debtor warrant
- Significant impairment on Heliad's shareholdings and loans granted related to annual result as at 31.12.2018
Frankfurt/Main, 28 March 2019 - Heliad Equity Partners GmbH & Co. KGaA ("Heliad"), headquartered in Frankfurt (ISIN DE000A0L1NN5), announces that it has today entered into a stock option agreement with WAOW Entrepreneurship GmbH ("WAOW") and others. Under the agreement, WAOW is entitled to acquire 4,060.805 shares held by Heliad in the listed SLEEPZ AG against payment of a purchase price. Alongside Heliad, other significant shareholders of SLEEPZ AG have acted accordingly. In addition, Heliad and other creditors of SLEEPZ AG have undertaken to waive their claims for repayment of loans and the convertible bond in full against the granting of a debtor warrant. The execution of the measures is subject to various preceding conditions and depends on the exercise of the option right by WAOW. WAOW has pledged to provide bridge financing to SLEEPZ AG.
The conclusion of the agreements is intended to enable a restructuring of SLEEPZ AG.
In this context, Heliad will have to make an unscheduled write-down on its investment in SLEEPZ AG. The compulsory write-downs on the assets - shares, outstanding loans and interest - amounting to approx. EUR 8.1 million will, to the extent required by commercial law, be included in the annual financial statements for 2018. The (provisional) annual result published on 22 February 2019 in accordance with the provisions of the German Commercial Code (HGB) would then deteriorate, considering the total impairment of approximately EUR -9.5 million. Heliad's (provisional) result for the period according to International Financial Reporting Standards (IFRS) would then amount to EUR -56.7 million.
Heliad is a listed investment company focusing on investments into listed and unlisted companies in German-speaking countries that are facing Special Situations.
Heliad's "evergreen" structure allows to act independently of usual fund lifecycles and to apply a flexible and entrepreneurial approach in order to take advantage of the opportunities that special situations present. This combined with its proactive, hands-on approach to investments allows to achieve significantly higher returns for Heliad shareholders than conventional private equity funds. With Heliad shares, both private and institutional investors have a stock with daily liquidity that allows them to benefit from the opportunities offered by a diversified special situations portfolio.
Heliad Equity Partners GmbH & Co. KGaA
60322 Frankfurt am Main
Tel.: +49 (0) 69 71 91 59 65-0
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