DGAP-News

Allgeier SE: Annual General Meeting approves spin-off of Nagarro Group, Nagarro board member Manas Fuloria resigns from Allgeier's board as planned

DGAP-News: ALLGEIER SE / Key word(s): AGM/EGM/Personnel Allgeier SE: Annual General Meeting approves spin-off of Nagarro Group, Nagarro board member Manas Fuloria resigns from Allgeier's board as planned 25.09.2020 / 12:47 The issuer is solely responsible for the content of this announcement. The information contained herein is not for publication or distribution, directly or indirectly, in or into any jurisdiction where to do so would be prohibited by applicable law.

Munich, September 25, 2020 - Yesterday's Annual General Meeting of Shareholders of Allgeier SE (ISIN DE000A2GS633, WKN A2GS63) has approved the spin-off of the global technology consulting and software development business bundled under Nagarro SE from Allgeier SE.

A total of 50.99 percent of the share capital of Allgeier SE entitled to vote was represented at the Annual General Meeting, which was held as a virtual event. In addition, 6.15 percent of the share capital entitled to vote was represented by postal vote, so that a total of 57.14 percent of the share capital entitled to vote participated in the voting. All resolutions on the agenda were approved by the Annual General Meeting. The resolution on the Spin-off and Transfer Agreement between Allgeier SE and Nagarro SE was passed with 99.93 percent of the votes cast.

This step paves the way for the establishment of an independent global, digital engineering leader with its registered office and stock exchange listing in Germany. The spin-off will allow Nagarro to concentrate independently on the company's high growth potential with enhanced management focus on the core business. In the future, Allgeier SE will re-focus on its proven buy & build strategy to grow its existing portfolio units above market average through value creating acquisitions and by leveraging the Allgeier and mgm technology partners brands in the German-speaking market.

"Allgeier SE shareholders' broad approval of the Nagarro spin-off confirms our plan of establishing two leading companies with clear focuses and individual strategies, enabling a differentiated positioning in the capital markets", said Carl Georg Dürschmidt, Chief Executive Officer of Allgeier SE. "The strong shareholder support provides the basis for Nagarro's continued growth as a strong global brand with its own identity, organizational design and culture", added Manas Fuloria, Custodian of Entrepreneurship in the Organization (CEO) of Nagarro SE.