EEII AG: publishes annual results 2023 and closes chapter on old era
EEII AG / Key word(s): Annual Results
EEII AG: publishes annual results 2023 and closes chapter on old era
30-Apr-2024 / 17:45 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
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Ad-Hoc announcement pursuant to Art. 53 Listing Rules: EEII AG 2023 Annual
Results
Zug, April 30, 2024
EEII AG publishes annual results 2023 and closes chapter on old era
EEII reports a loss of CHF 419'234 (2022: loss of CHF 6,581,749) for the
year 2023. This negative result almost wholly reflects the Company's
operating expenses including restructuring costs, while the Company's last
remaining asset, its Gazprom shares, did not generate any income as a result
of the still existing counter-sanctions of the Russian Federation against
Western investors. Consequently, the Net Asset Value of the Company fell to
CHF 0.04 as of December 31, 2023 (December 31, 2022: 0.31 CHF).
Subsequent Events and Outlook
The on-going sanctions of the West against Russia and the negative impact
that the holding of Russian assets have on the Company, coupled with the
altered investment strategy and focus of EEII led the Company to sell its
last investment from the old era, its 1,485,600 PJSC Gazprom (GAZP) shares,
to Gehold SA, Zug, at a sales price corresponding to the net asset value of
the shares in the Company's balance sheet. The transaction has not closed
yet, and the Company may benefit from an increased sales price if, at the
time of the transaction's closing, an at-arm's-length market price for
Western investors can be established.
Consistent with the sale of the last remaining asset of the "Former Soviet
Union" era, Victor L. Gnehm has resigned from the position of EEII's
Chairman of the Board. He is succeeded by Alexandre Uldry who takes the helm
to lead the Company into its future as a leading independent gas stations
operator in Switzerland and Europe. Alexandre Uldry will introduce the
renewed Board at the ordinary General Meeting of Shareholders; the
respective information shall be published in due course.
The complete Annual Report 2023 and further information are available on the
website www.eeii.ch; a copy will be sent to shareholders in writing upon
request.
For further information please contact:
Marc Comina, Spokesperson of EEII AG, marc@clpr.ch, +41 79 138 3495).
EEII is listed on the Swiss Exchange (SIX) (Bloomberg: EEII SW Equity).
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End of Inside Information
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Language: English
Company: EEII AG
Alpenstrasse 15
6304 Zug
Switzerland
Phone: +41 41 729 42 80
Fax: +41 41 729 42 29
E-mail: info@eeii.ch
Internet: www.eeii.ch
ISIN: CH0007162958
Valor: 940179
Listed: SIX Swiss Exchange
EQS News ID: 1893037
End of Announcement EQS News Service
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1893037 30-Apr-2024 CET/CEST