EQS-Adhoc

Leoni AG: Syndicate banks, strategic investor, and Leoni AG agree on financial restructuring concept; required majority for implementation secured; decision on new CEO - Seite 2

Leoni AG has already initiated the implementation of the restructuring concept through the means provided by the German Corporate Stabilization and Restructuring Act (“Unternehmensstabilisierungs- und -restrukturierungsgesetz”). Due to the support from all syndicate banks, the declared support of a sufficient number of borrower's note holders, and the recently secured approval of the guarantors, the necessary majorities have now been secured, ensuring a swift process and reliable implementation of the planned steps in the coming months.

The implementation of the restructuring concept is subject to merger control clearance and other customary approvals. Only the parent company of Leoni Group, Leoni AG, is affected by the implementation of the restructuring concept, not the operational business units, i.e. the wiring systems business (WSD) and the automotive cable business (ACS).

The current chairperson of the Supervisory Board of Leoni AG, Klaus Rinnerberger, is to become the new Chief Executive Officer (CEO) of Leoni AG following merger control clearance. This was also decided by the Supervisory Board at its meeting today. Hans-Joachim Ziems (CRO) will assume the function of spokesperson of the Executive Board until Klaus Rinnerberger takes office.

¹The parties to the agreements are, inter alia, L1-Beteiligungs GmbH, Pierer Beteiligungs GmbH, Zweite Pierer Beteiligungs GmbH and a new company to be established, all of which are companies held directly or indirectly by Stefan Pierer. Stefan Pierer holds approx. 20 % of the voting rights in Leoni AG. Furthermore, Stefan Pierer himself has committed to make an equity contribution in connection with the implementation of the financial restructuring concept. All of the aforementioned parties are related parties of Leoni AG according to Section 111a (1) sentence 2 AktG.


Media contact
LEONI AG
Gregor le Claire
Corporate Press Officer
Phone    [phone]
E-mail     [e-mail]

Investor contact
LEONI AG
Rolf Becker
Senior Manager Investor Relations
Phone    [phone]
E-mail     [e-mail]
 

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03-Apr-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.