DEAG Deutsche Entertainment AG

ots Ad hoc-Service: DEAG AG General meeting decides to take STELLA into stock market-listed Hegener + Glaser AG

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    Berlin (ots Ad hoc-Service) - General meeting decides to take STELLA into stock market-listed Hegener + Glaser AG DEAG sells STELLA Entertainment AG holdings to institutional and private investors Board appointments completed at STELLA AG and DEAG  

    At the extraordinary general meeting of Hegener + Glaser AG (Security No. 604070) held on December 29, shareholders agreed by a large majority (88,9%) to rename the company STELLA Entertainment AG and to take in, as part of a mixed cash and kind capital increase, Broadway Musical Management GmbH (BMM). BMM holds100% of musical production companies PHANTOM DER OPER (Phantom of the Opera), CATS, STARLIGHT EXPRESS, TANZ DER VAMPIRE (Dance of the Vampires), Disney's DER GLÖCKNER VON NOTRE DAME (The Hunchback of Notre Dame), Disney's DIE SCHÖNE UND DAS BIEST (Beauty and the Beast) plus STELLA Musical Reisen GmbH and STELLA Academy. Appointed to the supervisory board were Peter Schwenkow (chairman), Dr. Kurt Kiethe (vice chariman) and Hans-Martin Buhlmann.

    As planned, the supervisory board appointed Klaus von der Heyde as Chief Executive Officer (CEO), while Wolf Dieter Werner was named as Chief Operating Officer (COO), and Thomas Nedtwig as Chief Financial Officer (CFO) after the general meeting.

    Mr. Nedtwig, who retained responsibility for human resources on the DEAG board, stepped down in that capacity and handed over to his successor, CFO Markus Fabis. Klaus Ulrich, who had been in charge of Artists & Tours at DEAG, resigned from the board at the year's end after a lengthy illness. As part of the restructuring agreed in September, COO Dietmar Glodde had already taken charge, on a temporary basis, of the business operations for which Mr. Ulrich was responsible.

    As of 31 December 2000, DEAG has sold 20% of STELLA Entertainment AG's share capital to institutional and private investors. It now holds 59.29% of the current share capital. DEAG plans to retain at least 51% of STELLA Entertainment AG. New shares from the capital increase agreed at the general meeting are to be offered to existing Hegener + Glaser shareholders for 9.70 euros each on a 1 for 8 basis. The subscription period will begin in January 2001 and last four weeks.

    Once the entry has been made in the companies register and stipulated periods have elapsed, Hegener + Glaser AG shares will finally be traded in the German stock market's Geregelter Markt sector as STELLA Entertainment AG. The company plans to apply for SMAX listing at the earliest opportunity.

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