Ad hoc disclosure
Native SA calls for annual meeting of shareholders to change name, board and strategy
Direction and approval of recapitalization
June 8, 2021, Basel, Switzerland – The board of directors of The Native SA (NTIV, or the “Company”) today approved the agenda for the annual general meeting of shareholders (the “AGM”) which will take place on June 30 2021, the agenda is published here: https://thenative.ch/meetings/
Pending the final closure of all insolvency proceedings by the Basel court (for more details, please see the press release of May 10, 2021) and following the publication of the audited annual results for the year 2020, which recognize significant improvements in profitability and equity compared to previous periods (for more details, please see the press release of April 30, 2021), the current board of directors of The Native SA has gone to great lengths to identify the new business strategy and new partners of the company that could benefit from more than 20 years of listing in Switzerland and a registered office and effective investment in Basel.
“We are pleased to announce today our recommended choice for the new board of directors and strategic direction of The Native SA and to take the company to a new chapter with an exciting strategy, experienced leadership and significant capital. required to carry out the company’s new plans ”commented Patrick Girod, outgoing President of The Native SA.
None of The Native SA’s board members will stand for re-election at the AGM, but they will remain long-term supporting shareholders of the company directly or through investment vehicles under the control of the newly appointed board. The Board of Directors recommends that the shareholders of the Company vote at the AGM for the election of the new board of directors which will be composed of Adam Lindemann, American citizen, residing in the United States, Clive Ng Cheang Neng, Malaysian citizen, residing in the United States and Massimiliano Iuliano, Italian citizen, residing in Switzerland and being chaired by Adam Lindemann, a seasoned investment professional based in New York.
The Board of Directors also proposes to approve the change of the name of the Company to “Youngtimers AG”, and to support the new capital increase of the Company at an issue price of CHF 0.7 per share for a gross cash consideration of at least CHF 20 million to a maximum of CHF 40 million to be completed in the third quarter of 2021 (as a recapitalization of the Company without granting pre-emptive rights to existing shareholders). The proceeds from the capital increase will be used to finance a series of acquisitions in the e-commerce, media and luxury services sectors, thus preserving the original skills of the Company, but refocusing it on luxury cars. collection and related sports and entertainment activities.
“I have been an avid collector and investor in classic cars for decades and am thrilled with the opportunity to lead the company towards consolidating the classic car business space and modernizing it through the use of ‘a new range of products, including blockchain technology and the new e-business and financial capabilities in order to focus on a younger generation of
consumers and improve the visibility of cars as an alternative investment class, ”commented Adam Lindemann, the new president of the company.
The company will retain its headquarters in Basel and, after approval of the name change and board of directors at the AGM on June 30, will change its ticker to YTME on the Swiss Stock Exchange.
For more information: [email protected]
The native SA published this content on June 08, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 08 Jun 2021 19:54:01 UTC.