DGAP-News: Ströer SE & Co. KGaA / Key word(s): Statement/Statement
First Statement of Ströer after Short Attack of Hedge Fund Muddy Waters
Capital (news with additional features)
21.04.2016 / 18:25
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
First Statement of Ströer after Short Attack of Hedge Fund Muddy Waters
Capital
Cologne, 21 April 2016 In December 2015, the US hedge fund Muddy Waters
Capital announced that they would attack explicitly European companies via
short sales. Today, their attack against Ströer had a first climax. Muddy
Waters Capital published a tendentious "report" with more than 60 pages and
addresses the business case of Ströer. The fact that Muddy Waters Capital
already highlights at page 2 of their report that the funds that Muddy
Waters Capital advice, are short in Ströer, shows clearly a conflict of
interest.
Before giving our detailed feedback to the "report", Ströer just wants to
highlight that our underlying business outlook is excellent - nothing has
changed since the last publication.
- Ströer operationally had the best start into the year in the history of
the company
- For the first quarter of 2016 we expect an organic growth rate of
around 10%
- For the full year 2016 we expect revenue between 1.1 and 1.2 EURbn and
an operational EBITDA between 270 to 280 EURm
- The free cash flow before M&A will be at least 125EURm in 2016
- Ströer announced a dividend of 0.7 EUR/per share for the FY 2015
- Next catalyst: Capital Markets Day LDN 29th April (for details email:
ir@stroeer.de), Q1 2016 results: 12th May 2016.
Ströer is already analyzing the "report" and will rectify the matters and
misrepresentations. At first sight we can already draw the following
conclusion:
The report is far fetched, at least tendentious and overall groundless. We
note in addition, that Muddy Waters Capital never got in contact with
Ströer.
Ströer furthermore considers legal options.
About Ströer
Ströer SE & Co. KGaA is a big digital multi-channel media company, and
offers its advertising customers individualized and fully integrated
premium communication solutions. In the field of digital media, Ströer is
setting forward-looking standards for innovation and quality in Europe and
is opening up new opportunities for targeted customer contact for its
advertisers.
The Ströer Group commercializes several thousand websites especially in
German-speaking countries and around 300,000 advertising faces in the field
of "out-of-home". The Group has approximately 3,300 employees at over 70
locations. In the full year 2015, Ströer SE generated consolidated revenue
of EUR 824m. The Ströer SE & Co. KGaA is listed on the MDAX of the German
Stock Exchange.
For more information on the Company, please visit www.stroeer.com.
Press contact
Marc Sausen
Ströer SE & Co. KGaA
Director Corporate Communications
Ströer-Allee 1 50999 Cologne
Phone: 02236 / 96 45-246
Email: presse@stroeer.de
Investor relations
Dafne Sanac
Ströer SE & Co. KGaA
Manager Investor Relations
Ströer Allee 1 50999 Cologne
Phone: 02236 / 96 45-356
Email: dsanac@stroeer.de
Disclaimer
This press release contains "forward looking statements" regarding Ströer
SE ("Ströer") or the Ströer Group, including opinions, estimates and
projections regarding Ströer's or the Ströer Group's financial position,
business strategy, plans and objectives of management and future
operations. Such forward looking statements involve known and unknown
risks, uncertainties and other important factors that could cause the
actual results, performance or achievements of Ströer or the Ströer Group
to be materially different from future results, performance or achievements
expressed or implied by such forward looking statements. These forward
looking statements speak only as of the date of this press release and are
based on numerous assumptions which may or may not prove to be correct. No
representation or warranty, express or implied, is made by Ströer with
respect to the fairness, completeness, correctness, reasonableness or
accuracy of any information and opinions contained herein. The information
in this press release is subject to change without notice, it may be
incomplete or condensed, and it may not contain all material information
concerning Ströer or the Ströer Group. Ströer undertakes no obligation to
publicly update or revise any forward looking statements or other
information stated herein, whether as a result of new information, future
events or otherwise.
Contact:
Press contact:
Marc Sausen
Ströer SE
Director Corporate Communications
Ströer-Allee 1 | D-50999 Cologne
Telephone: +49 (0)2236 - 96 45-246
Fax: +49 (0)2236 - 96 45-6246
E-Mail: info@stroeer.de
IR Contact:
Dafne Sanac
Ströer Media SE
Manager Investor Relations
Ströer-Allee 1 | D-50999 Cologne
Phone: +49 (0)2236 / 96 45-356
Fax: +49 (0)2236 / 96 45-6356
E-Mail: dsanac@stroeer.de
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Additional features:
Document: http://n.eqs.com/c/fncls.ssp?u=UAQHSPHAWX
Document title: First Statement of Ströer after Short Attack of Hedge Fund
Muddy Waters Capital
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21.04.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Ströer SE & Co. KGaA
Ströer Allee 1
50999 Köln
Germany
Phone: +49 (0)2236.96 45 0
Fax: +49 (0)2236.96 45 299
E-mail: info@stroeer.com
Internet: www.stroeer.de
ISIN: DE0007493991
WKN: 749399
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart
End of News DGAP News Service
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456617 21.04.2016
DGAP-News: First Statement of Ströer after Short Attack of Hedge Fund Muddy Waters Capital (news with additional features)
| Source: EQS Group AG