PRESS RELEASE: KINGHERO AG: First Measures taken to ensure the Cash Position
DGAP-News: KINGHERO AG / Key word(s): Restructure of Company KINGHERO AG: First Measures taken to ensure the Cash Position
20.12.2013 / 14:50
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KINGHERO AG: First Measures taken to ensure the Cash Position
Wiesbaden, December 20, 2013. To secure the cash position of KINGHERO AG the management board has concluded arrangements with debtees. These arrangements shall secure the financial situation of the company for the time being in order for the company to remain capable of acting.
On the operating level the management board of the German Holding Company has started restructuring measures in the affiliated company KINGHERO Group Holdings Ltd. They concentrate mainly on securing further influence spheres including the affiliated companies Kinghero Fashion (Xiamen) Co. Ltd. and Xiamen Michelle Co. Ltd.
Furthermore the management team of the company is in contact with investors concerning short-term restoration benefits and further restructuring measures.
The management board and the supervisory board of KINGHERO AG plan to convene an extraordinary general meeting during the first quarter 2014. If required, the committee may decide on additional measures to ensure the continuity of KINGHERO AG.
Regarding the outstanding consolidated financial statements for the year 2012 the situation is still the following: The management board of KINGHERO AG demanded the management of the operative entities in China several times to present auditable consolidated financial statements for the financial year 2012. Furthermore, the operative entities were asked to remove the obstacles preventing KINGHERO's auditor for the financial year 2012, Warth & Klein Grant Thornton AG Wirtschaftsprfungsgesellschaft ('Grant Thornton'), to work on the consolidated financial statements. The auditor has presented these obstacles at the end of October 2013. The operative entities in China have not met repeated requests until today.
Therefore the management board of KINGHERO AG could not finish the consolidated financial statements yet. At present the management board acts on the assumption that no auditable consolidated financial statement can be presented for the year 2012 for the time being.
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PRESS RELEASE: KINGHERO AG: First Measures taken to ensure the Cash Position
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