20.10.2000 – 08:22
ots Ad hoc-Service: DEAG AG
STELLA Entertainment AG listed on GEREGELTE MARKT in December Double figure million profits already this year
Berlin (ots Ad hoc-Service) -
Ad hoc-announcement edited and sent by DGAP. The sender is solely responsible for the contents of this announcement.
In view of the successful turnaround and in order to accelerate further growth, DEAG has decided to launch its musical business on the stock market.In order to achieve this, DEAG (WKN 551 390) has acquired 79% of the shares of Hegener + Glaser AG, Munich (WKN 604 070), which has sold its business operations with effect to the 30th of August 2000 and which is listed on the Geregelte Markt of the Bavarian stock exchange in Munich and the Hamburg stock exchange.
At an extraordinary general meeting of the Hegener + Glaser AG at the beginning of December 2000, DEAG will propose to rename this company STELLA Entertainment AG. A motion will also propose that the 100% subsidiary of DEAG, the BMM (Broadway Musical Management GmbH) be completely introduced into the STELLA Entertainment AG in the course of a capital increase by means of cash and non-cash capital contributions.
BMM has acquired those parts of the insolvent STELLA and its daughter companies which were profitable or had a high potential to be restructured. This comprises the German-language productions of "Phantom of the Opera", "Cats", "Starlight Express", "Disneys Hunchback of Notre Dame", "Beauty and the Beast", "Dance of the Vampires" and also the STELLA Musical Reisen GmbH. On the basis of current figures and ticket sales to date for the current year, BMM will have earnings double figure million German marks (EBITDA) for its first nine months of operation through till the end of the business year 2000.
The new development will mean that following a successful turnaround within only nine months of its acquisition, STELLA Entertainment AG, in which DEAG will continue to maintain its majority holding, will have direct access to the capital market.
According to intentions of the new majority shareholder the Chief Executive Officer (CEO) will become Klaus von der Heyde, CFO Thomas Nedtwig, and COO will become Wolf Dieter Werner. The Chair of the Supervisory Board of the STELLA Entertainment AG will be Peter Schwenkow, CEO of DEAG. The quotation at further stock exchanges is in preparation.
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Original-Content von: DEAG Deutsche Entertainment AG, übermittelt durch news aktuell