Management Board expanded; options for revitalizing the company through insolvency plan proceedings / investor solution being examined

Ad hoc News
WKN: 515600 / WKN A14KQ7

Bocholt, February 8th, 2024

Gigaset AG i.L.: Management Board expanded; options for revitalizing the company through insolvency plan proceedings / investor solution being examined

Bocholt, February 8th, 2024 [09:52 a.m.] – The Supervisory Board of Gigaset AG i.L., whose assets have been subject to ordinary insolvency proceedings since January 1st, 2024, today decided to expand the company's Management Board and to appoint Gerrit Jan Konijnenberg, Guoyu Du, Sean Hsin Jan Fang and Ran Tao as additional members of the Management Board on an interim basis for four months from February 12th, 2024. The current sole member of the Management Board, Dr Magnus Ekerot, will remain Chairman of the Board.

The expansion of the Management Board takes place against the backdrop of discussions between the insolvency administrator, Dr Markus Wischemeyer, and Gold Gear Investment (Singapore) Pte. Ltd ("Gold Gear") regarding a possible investor solution for the presentation of an insolvency plan to the creditors and other parties involved in the proceedings. In order to facilitate the process, Gold Gear has provided a temporary commitment to the insolvency administrator to cover the ongoing losses likely to be incurred in maintaining the business during the commencement of the insolvency process. Gold Gear has indicated that it will submit a proposal for an insolvency plan in the near future with the aim of restructuring the Gigaset AG i.L. and terminating the insolvency proceedings.

The relevant considerations exist independently of the agreement announced on January 24th, 2024 to sell the business and other assets of Gigaset Communications GmbH to a subsidiary of VTech Holdings Limited.

The insolvency administrator is open to talks with Gold Gear in a constructive manner with a view to satisfying the creditors of Gigaset AG i.L. to the best of its ability. It remains to be seen whether and, if so, within what timeframe an investor solution can be found and an insolvency plan presented.

Gigaset AG i.L.
The Management Board

Gigaset AG is listed on the General Standard of Deutsche Börse. Its shares are traded on the Frankfurt Stock Exchange under the symbol GGS (ISIN: DE0005156004).