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[froesi0815]

27.03.2001

LetsBuyIt.com N.V. gibt die Zulassung von 9.146.937 neuen Stammaktien zum Handel am Neuen Markt bekannt



Die Deutsche Börse AG hat am 27. März 2001 im Rahmen einer Kapitalerhöhung 9.146.937 Stammaktien der LetsBuyIt.com prospektfrei zugelassen. Diese Aktien stellen die erste Tranche der kürzlich durch LetsBuyIt.com bekannt gegebenen Finanzierungsrunde über € 52,8 Mio. eines Konsortiums verschiedener Investoren, u.a. Fonds der Investmentgesellschaften Henderson Global Investors, NeSBIC und Shmulik Stein International Investments, dar. Eine umfangreiche Bekanntmachung wurde veröffentlicht und ist auf der Internetseite www.letsbuyit.com abrufbar. Alle Aktien dieser ersten Kapitalerhöhung werden bei einem einzelnen Investor platziert; die Handelsaufnahme am Neuen Markt ist für den 29. März 2001 vorgesehen.

LetsBuyIt.com N.V.
Amsterdam, Niederlande
WKN 938006

[verin]

Da steht "u.a" Fonds der Investmentges........

Jaaaaaaaa, das heisst, das der grosse Knaller noch kommt !!!

Gebe nix ab.

[Medici_II]

Danke !!!

Ich Denke das war`s. Die news ist draussen, WalMart habe ich nicht gesehen.

LBC macht wohl aus eigener Kraft weiter, ohne Handelspartner fuer Vertrieb oder Einkauf.

[jochbert]

verin,du bist ja der gröste Idiot hier im Board

[SirLittle]

27.03.2001

LetsBuyIt.com hat die erste Tranche der Kapitalerhöhung erfolgreich abgeschlossen



LetsBuyIt.com (Neuer Markt: LBC), der europäische online CoShopping Spezialist, gibt heute den Abschluss der Platzierung von 9,146,937 neuen Stammaktien für €3,8 Mio. an einen einzelnen Investor bekannt. Die neuen Aktien, die im Rahmen der Platzierung ausgegeben wurden, wurden prospektfrei zum Neuen Markt zugelassen. Die Handelsaufnahme ist für den 29. März 2001 vorgesehen. Außerdem hat das Unternehmen eine Finanzierung in Form einer Wandelschuldverschreibung in Höhe von €19,8 Mio. sowie weitere Eigenkapitalzusagen in Höhe von €29,2 Mio erhalten.
Die Finanzierungsrunde wird von neuen sowie bereits existierenden Investoren getragen: Investmentfonds von Henderson Global Investors, NeSBIC, Shmulik Stein International Investments, Hr. Kim Schmitz und Hr. Johan Staël von Holstein, einem der Unternehmensgründer.

LetsBuyIt.com, deren Internetseite in Deutschland, England, Frankreich und Schweden im Februar nach umfangreicher Restrukturierung des Unternehmens wieder aktiviert wurde, wird weiterhin die Effizienzsteigerung des operativen Geschäfts verfolgen. Das Unternehmen hat die Zahl der Mitarbeiter von über 350 auf ca. 150 abgebaut und ist gegenwärtig im Prozess, die Anzahl der Lieferanten von 1.700 auf 150 zu reduzieren, um die Gewinnmarge zu steigern, Beschaffungs- und Ausführungsprozesse zu verbessern und eine qualitativ bessere sowie zeitlich zuverlässigere Auslieferung der Produkte zu gewährleisten. Gegenwärtig bietet das Unternehmen auf seiner CoShopping Internetseite Produkte aus fünf Bereichen an: Computer & IT, Consumer Electronics, Haushaltsgeräte sowie Freizeitprodukte und Dienstleistungen. Diese Bereiche spiegeln die Fokussierungsstrategie des Unternehmens auf hochwertige Produkte mit attraktiveren Margen wider.

LetsBuyIt.com wurde für die Veröffentlichung der Zahlen des 4. Quartals 2001 sowie des Jahresabschlusses eine Fristverlängerung von der Deutschen Börse AG bis zum 28. April 2001 eingeräumt.

LetsBuyIt.com CEO, John Palmer:
“In Anbetracht der gegenwärtigen Marktsituation freuen wir uns besonders über den Abschluss der ersten Tranche unserer Kapitalerhöhung. Wir werten die starke Unterstützung durch unsere Investoren als deutlichen Indikator der Stärke unseres Geschäftskonzepts und werden weiter hart daran arbeiten profitabel zu werden.“

[Jack_Russel]

Announcement


regarding the admission to the Regulated Market (Geregelter Markt)
with trading on the Neuer Markt
of the Frankfurt Stock Exchange
without a prospectus according to
Section 5.2 No. 3 lit. b) of the Neuer Markt Rules
of

9,146,937 bearer ordinary shares

nominal value € 0.01 each

fully entitled to receive dividends relating to the fiscal year ending December 31, 2001

- Securities identification number 938 006 -

The issuance of the 9,146,937 shares out of the authorized capital and the exclusion of the pre-emptive rights of the existing shareholders was approved by resolution of the management board and approved by the supervisory board on February 15, 2001 in accordance with articles 4.1, 4.3 and 4.9 of the Articles of Association of LETSBUYIT.COM N.V.

The 9,146,937 shares were issued in a private placement to one investor for an issue price of
€ 0.425 per share.

The 9,146,937 bearer ordinary shares (No. 91,469,382 - 100,616,318) are evidenced by global certificate No. 5 which has been deposited with Clearstream Banking AG and are admitted to the Regulated Market (Geregelter Markt) of the Frankfurt Stock Exchange.

The total shares of LETSBUYIT.COM N.V. admitted to the Regulated Market (Geregelter Markt) of the Frankfurt Stock Exchange amount to 100,616,318 after the admission of the 9,146,937 shares.
The authorized unissued capital was 68,530,619 bearer ordinary shares before the issuance of the 9,146,937 bearer ordinary shares and amounts to 59,383,682 bearer ordinary shares afterwards in addition to 160,000,000 bearer preferred shares.

Trading of the shares is expected to commence on March 29, 2001.

In connection with this share admission, LETSBUYIT.COM N.V. (The “Company”) is providing the following Company Status Report, which contains a brief summary of certain actions taken by the Company and agreements entered into by the Company. This report does not purport to be complete and contains forward looking statements which are not facts, but are based on the Company’s current expectations and estimates. These statements relate only to events as of the date hereof.

1. Executive Summary

LetsBuyIt.com N.V. (the “Company”) has agreed to issue the total of 9,146,937 new shares to an investor and to apply for the admission of such new shares for trading on the Neuer Markt segment of the Frankfurt Stock Exchange (the “First Capital Increase”). The Company has agreed to issue an additional 118,362,867 ordinary shares to investors in a subsequent financing (the “Second Capital Increase”). Payment of the full purchase price for the additional shares is conditional upon their admission for trading on the Neuer Markt, and the Company intends to file with the Deutsche Börse a prospectus with respect to the admission of the shares to be issued in the Second Capital Increase. Pre-emptive rights of existing shareholders have been excluded by the Company in respect of both the First Capital Increase and the Second Capital Increase, in accordance with the Company’s Articles of Association.

2. Moratorium

On December 29, 2000, the Company filed a petition for a moratorium (the “Moratorium”) with the Amsterdam District Court, seeking protection from creditors.
In its request for the Moratorium, the Company indicated that, although it believed that it had sufficient current resources to meet the demands of its creditors, the Company required time in which to review possible business restructuring scenarios, including the discontinuation of activities in one or more countries in which it was active. At the same time, the Company was actively seeking third-party financing to enable it to continue to operate its business.

At the request of the Company, the administrators appointed by the Court withdrew the petition for bankruptcy after the Company identified investors who were willing to invest an amount of €4.1m in the Company. This investment was completed in January 2001. In addition, during January 2001, other investors have entered into commitments to invest in the Company up to an additional € 48,725,000, payable upon the satisfaction of certain conditions, including the Company’s achieving certain revenue and other milestones.

At the request of the Company, after having heard the administrators and the supervisory judge, both supporting the request for withdrawal of the Moratorium, and considering the financial situation of the Company, the Court lifted the Moratorium on February 21, 2001.

3. Restructuring Plans

a. Description of revised business plan

Management
The Managing Board of the Company, in place at the time of the filing of the Moratorium, resigned from the Company on January 3, 2001, with the agreement of the Supervisory Board. On the same day, the Supervisory Board appointed Mr. John Palmer, one of the Company’s founders, as interim-CEO. The outgoing Managing Board believed that the Company’s business could only be successful if operated on a full-scale basis throughout Europe. The Supervisory Board and the replacement members of the Managing Board believe that the Company’s business can be successfully operated on a scaled-back basis by focussing, initially, on key markets. Following the appointment of the new Managing Board, the Supervisory Board adopted a revised and scaled down business plan for the Company.

The members of the current Managing Board, appointed by the Supervisory Board on February 26, 2001, subject to confirmation by the Annual General Meeting scheduled on March 27, 2001, are as follows:

Managing Board Members

John Palmer (Founder) - Chief Executive Officer
Fredrik Staël von Holstein - Chief Operating Officer
Rolf Hansen - Chief Planning Officer

Bert Bruins - Interim Chief Financial Officer (not a member of the Managing Board)

The Supervisory Board consists of the following members:

Johan Staël von Holstein, Chairman (Chairman, Icon Medialab Asia)
Jörg Duske (Managing Director, SSIV VerwaltungsGmbH)
Lothar Lanz (CFO, Pro SiebenSat1 Media AG)
Jesper Jos Olsson (Director, Icon Medialab)
Frank Verschoor (Partner, NeSBIC CTe Fund)

Revised Business Plan
The Company has decided to scale back by focusing on its operations in four key markets, namely, Germany, the United Kingdom, France and Sweden. The Company resumed business operations in these countries as of the third week of February 2001. Operations in the remaining countries where the Company had operated previously have been discontinued, except in the Netherlands, where the Company will keep its Amsterdam office open for a transitional period of 2-3 months, pending transfer of its head office to Munich. The Company’s IT department will remain in Stockholm while its merchandising department will be spread across several offices. Currently, the Company is operating only four of its fourteen web sites (in Germany, the United Kingdom, France and Sweden). However, it is reviewing the case for re-opening the remaining web sites later this year. In each case, the decision to re-open a web site will be based on a cost/benefit analysis of the site’s net contribution to the Company.

As part of its revised business plan, the Company will limit its product offering to five sectors: Computer & IT, Consumer Electronics, White Goods/Domestic Appliances, Leisure Products and Services. The Company also intends to shift its product mix towards higher value products to improve margins. To further improve margins, product prices will generally be increased (historically, the Company’s discounts have been much higher for most products than those of its competitors). The Company believes also that it will be able to reduce its costs for the products it offers by centralizing its procurement process. In addition, the Company intends to request that suppliers provide marketing contributions (which is industry practice but has not yet been requested by the Company), increase sales of bundled products (e.g., mobile phones with contracts), accessories and financial products (e.g., extended warranties, online loans, etc.), begin catalogue sales in the fourth quarter of 2001 and further exploit pricing differences across Europe.

The Company is in the process of reducing the number of its suppliers from about 1,700 to about 150 in order to streamline its procurement process. The Company believes that this will enable it to better ensure quality and timely delivery of products, as well as allowing it to decrease the overall prices at which it can purchase products.

The Company intends also to streamline its logistics process and recover a greater proportion of logistics costs by charging its customers the full cost of product delivery. The Company began charging full delivery costs in the United Kingdom in November 2000 and did not see any negative impact on sales there.

The Company and its subsidiaries are entitled to reclaim between €5m and €7m in VAT paid by them for goods that they purchased. However, the Company or the relevant subsidiary must register for VAT purposes in each jurisdiction where a VAT reclamation is being sought.

Cost Reduction
The Company’s objective is to reduce its cash outlays in the long term to between €1.0m and €2.0m per month through a series of cost-cutting measures. The Company’s current cash outlays, based on operating costs, are between €2.5m and €3.5m per month, which is considerably lower than the approximately €10m per month during the fourth quarter of 2000.

The Company has reduced its employee payroll from approximately 300 to about 150, which includes a transition team of 25 persons employed for the next few months. For the foreseeable future, the Company plans to have 39-65 employees in Munich, 53-60 in Sweden, 21-35 in the United Kingdom and 15-20 in France, resulting in a planned total of 158-180 employees.

To date, restructuring costs amount to approximately €5.0m consisting of severance payments, cost for closing offices and administrative and legal costs.

b. Restructuring measures in place
§ New, scaled-down business model is in place and being implemented by the Company.
§ Seven offices have been closed (Austria, Belgium, Denmark, Finland, Italy, Spain and Switzerland)
§ The contracts of approximately 150 employees have been terminated.
§ Current focus on selling existing inventories and overstocks.
§ In process of negotiating agreements with creditors.

4. Legal Issues
§ Cnited AG
On June 27, 2000, Cnited AG, a competitor of the Company, applied for a preliminary injunction against the use of the Company’s stepped-price co-shopping model in Germany, on the grounds that it violates the German Act on Discounts and Unfair Competition. The District Court of Hamburg granted the injunction on June 28, 2000. Following various hearings, the District Court lifted the injunction on August 24, 2000. On August 21, 2000, in parallel with its application for injunction, Cnited filed a claim with the District Court of Hamburg on the same grounds as those on which it had sought the injunction. This case is pending.
§ KNSK Werbeagentur GmbH
On February 14, 2001, KNSK Werbeagentur GmbH (“KNSK”), a service provider to the Company, filed a claim against it for payment of certain outstanding invoices. The Company has informed KNSK that it will make payment on all outstanding invoices in the amount of €172,511 in order to close the litigation.

5. Financing
a. Current financial situation

§ Cash at March 7, 2001 amounted to approximately €23m.
§ Accounts Payable at March 7, 2001 amounted to €18.5m. The Company is currently in the process of paying and negotiating with creditors.
§ Refunds on cancellations, outstanding orders and on returns were estimated to be €3m at March 7, 2001.
§ Inventories were estimated at purchase value to be €5m in February 2001. It is anticipated that these inventories will be sold at a discount to their purchase price.
§ The Company’s auditors, PriceWaterhouseCoopers, are currently preparing the Company’s audited 2000 accounts, which are expected to be completed by mid-April 2001.

For the period March to December 2001, the Company currently estimates it will need approximately €25m to operate according to its scaled-down business plan. Operating costs, pre-moratorium accounts payable and refunds, accruals, restructuring costs, transaction costs as well as advisory costs will account for the estimated cash outflows during this period. As of end of May 2001, cash inflows are estimated at €21.4m from new funding and €7.8m from sales. Further cash inflows are expected from interest income, VAT reclaims, “stockÖjobbing” and sales for the period from June to December 2001. Additional funding of over €11m from investors is expected in February 2002.
b. Commitments of Investors
Various investors have committed a total of €52.8m to the Company, subject to certain conditions. A first round of four investors provided €4.1m in January 2001 in the form of a convertible loan. If the loan is fully converted by the investors, the Company would issue a total of 12,862,745 new ordinary shares.

A lead investor has committed an equity investment of €30m, which will be paid in three tranches. The first tranche of approximately €3.8m is expected to be paid in March 2001 as part of the First Capital Increase. Thereafter, instalments of €15.6m and €10.5m are expected May 2001 and February 2002, respectively, subject to certain conditions. Payment of the tranches is dependent upon the Company meeting certain revenue milestones detailed in the investment agreement. The Company cannot guarantee that it will meet the necessary milestones, in which case the lead investor has no obligation to go forward with its investment.

A second investor has provided an unconditional payment of €15.725m in the form of a convertible loan, which closed on February 7, 2001. The convertible loan is expected to be converted to equity as part of the Second Capital Increase.

A third investor has committed an amount of €3m, payable in three instalments of €1m following the same payment schedule as the lead investor.

Upon completion of the First and Second Capital Increase, the Company will have issued approximately 127,509,804 additional ordinary shares.


Amsterdam, March 2001


LETSBUYIT.COM N.V. Robertson Stephens International, Ltd.

[KBS]

Habt ihr mal ausgerechnet,was die pro Aktie bezahlen?Ca0,42 €.Also nichts wie raus.

[grgrgr]

Fantastisch wie die leute verarscht werden


Die typische Lemmingabzockdreieckformation gibt das.





Viel Spaß , Rainer

[freddy30]

@ KBS

aber die sind stark an einem steigenden Kurs interessiert. Du glaubst doch nicht, das die den kurs nochmal unter 0,45 fallen lassen ...... Da geht es ja auch um Bewertung etc.



Freddy

[TraderA]

Könnt ihr eigendlich lesen ?


Außerdem hat das Unternehmen eine Finanzierung in Form einer Wandelschuldverschreibung in Höhe von €19,8 Mio. sowie weitere Eigenkapitalzusagen in Höhe von €29,2 Mio erhalten

[froesi0815]

Leute schaltet Eure Handys ein, gleich kommt eine --ADHOC-- per SMS.
@von Holstein hat sie schon.