DGAP-News: Rheintex Verwaltungs AG (vormals Rheinische Textilfabriken AG
gegründet 1910) / Key word(s): Miscellaneous
Karl-Walter Freitag:
03.08.2016 / 16:12
The issuer is solely responsible for the content of this announcement.
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Karl-Walter Freitag confirms the representation of a shareholder group
holding more than a 25% stake in Softship AG (ISIN DE005758304) and
comments on the latest DGAP-News from WiseTech Global (ISIN AU000000WTC3).
The announcement of WiseTech Global Limited ("WiseTech") disseminated via
DGAP-News as of 1 August 2016, for which no legal requirement can be
identified, is causing the following voluntary statement to the capital
market:
1. Karl-Walter Freitag still represents outside shareholders who are
independent also with respect to the voting power and hold a more than 25%
minority stake in Softship. Some of these shareholders - who include
Rheintex Verwaltungs AG (formerly Rheinische Textilfabriken AG - founded
1910) with its interest of more than 5% - have amicably been associated
with Softship for more than a decade and regard their investment as a long-
term interest.
2. This group of shareholders is convinced that Softship is very well-
positioned and strongly future-orientated in the market and is in the
position to pay dividends - even without any closer links to WiseTech.
These shareholders share Mr. Richard White's opinion, the CEO of WiseTech,
that Softship represents a strong brand with excellent staff and they
explicitly include the management board.
3. However, this group of shareholders believes that WiseTech's
announcement a few hours after a (narrow) majority takeover is unacceptable
since WiseTech does "not support the payment of dividends in the
foreseeable future" (how long will the "foreseeable future" be for
WiseTech?). The blocking of dividends by WiseTech ("Zero-Dividend") also
would probably infringe section 254 paragraph 1 of the German Stock
Corporation Act (AktG).
On the one hand, the final figures which would allow an assessment of the
ability to pay a dividend are not known (except WiseTech has knowledge
which has been kept away from the capital market). On the other hand,
Softship currently holds a record liquidity from selling off its stake in
Airpas, according to information given in the general meeting of June 2016.
Finally, WiseTech's line of reasoning against the payment of dividends
("growth and product excellence") is not comprehensible. Especially growth
companies with the highest product excellence (according to Softship
currently "the worldwide leading supplier of commercial software for the
liner shipping", and now only "a leading provider of software solutions for
the line shipping industry" according to the German statement of WiseTech)
are normally capable of paying dividends.
Karl-Walter Freitag said "To definitely establish a dividend trend once and
for all in July 2016 for the general meeting in June 2017 seems to be
unprofessional and less ambitious from an entrepreneurial point of view. If
other objectives and intentions were aimed at by the "dividend warning",
WiseTech should declare them openly."
4. The group of shareholders, represented by Karl-Walter Freitag, expects
the executive management and supervisory board of Softship to definitely
oppose an adverse influence possibly driven by special interests by
individual shareholders to Softship's currently very successful business
policy. The same applies to the dividend policy, too.
- END -
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03.08.2016 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.
Archive at www.dgap.de
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Language: English
Company: Rheintex Verwaltungs AG (vormals Rheinische Textilfabriken
AG gegründet 1910)
Vogelsangerstraße 104
50823 Köln
Germany
Phone: +49 (0)221 411411
Fax: +49 (0)221 447448
E-mail: info@rheintex-ag.de
Internet: www.rheintex-ag.de
ISIN: DE0007034001
WKN: 703400
Listed: Regulated Market in Dusseldorf
End of News DGAP News Service
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489105 03.08.2016
DGAP-News: Karl-Walter Freitag:
| Source: EQS Group AG